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Hub International brings $3 billion of notes in secured and unsecured tranches; pricing this week
By Paul A. Harris
Portland, Ore., Jan. 16 – Hub International Ltd. plans to price $3 billion of secured and unsecured high-yield notes later in the Jan. 15 week, according to market sources.
The Rule 144A and Regulation S for life deal was set to kick off on a Tuesday morning conference call with investors.
The secured tranche comes as a $1.1 billion add-on to the Hub International 7¼% senior secured notes due June 15, 2030 (B2/B), in the market with initial price talk in the 102 to 102.5 area. The notes become subject to an initial call on June 15, 2026 at 103.625. The original $2.175 billion issue priced in June 2023. The Rule 144A add-on notes will immediately become fungible with the original notes. The Regulation S add-on notes become fungible with the original notes following a 40-day cooling period.
The unsecured tranche comes as a $1.9 billion offering of new eight-year senior notes (Caa2/B-) which come with three years of call protection. Initial talk is 7½% to 7¾%.
Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Barclays, BofA Securities, Inc., RBC Capital Markets Corp., BMO Capital Markets Corp., Nomura, Macquarie, UBS Securities LLC and Truist Securities, Inc. are the joint bookrunners.
The Chicago-based insurance brokerage and financial services provider plans to use the proceeds plus a repricing of its 2023 term loan facility to refinance its 2022 incremental term loan facility, as well as to repay loans under its revolver, redeem its senior notes due 2026, repurchase outstanding equity, and for general corporate purposes including acquisitions under letters of intent.
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