S&P rates HUB loan B

S&P said it assigned its B senior secured debt rating to HUB International Ltd.’s proposed $1.27 billion incremental term loan B due April 2025 (same as existing) and also assigned a 3 recovery rating, indicating an expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in case of default.

The add-on is nonfungible with HUB’s existing term loan B but subject to the same terms and conditions.

The agency said it expects proceeds to be used to fund a shareholder dividend, fund acquisitions, and revolver pay-down.

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