Hub to start roadshow Wednesday for $790 million three-part note issue

By Paul A. Harris

St. Louis, May 29 - Hub International Ltd. will start a roadshow on Wednesday for its $790 million three-part note offering, according to a market sources.

Pricing is expected during the week of June 4.

The Chicago-based insurance brokerage is in the market with tranches of seven-year fixed-rate and floating-rate senior notes (B3/CCC+).

The fixed-rate notes come with four years of call protection, while the floating-rate notes are non-callable for two years.

In addition Hub is offering a tranche of eight-year senior subordinated notes (Caa1/CCC+), which come with four years of call protection.

Morgan Stanley and Merrill Lynch & Co. are joint bookrunners for the Rule 144A for life notes.

Proceeds will be used to help fund the leveraged buyout of the company by Apax Partners and Morgan Stanley Principal Investments.

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