Moody’s rates HUB loan B2

Moody’s Investors Service said it assigned a B2 rating to HUB International Ltd.’s proposed incremental $1.27 billion senior secured term loan.

Proceeds will be used to pay a dividend to shareholders, fund acquisitions, repay revolving credit borrowings, add cash to the balance sheet and pay related fees and expenses.

The agency affirmed HUB’s existing senior secured facility ratings at B2 and senior unsecured note rating at Caa2 as well as its B3 corporate family rating and B3-PD probability of default rating.

The outlook is stable.

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