Hub talks $730 million six-year senior notes with 8¼% area yield

By Paul A. Harris

Portland, Ore., Sept. 6 - Hub International Ltd. talked its $730 million offering of six-year senior notes (Caa2) with a yield in the 8¼% area on Thursday, according to a syndicate source.

The deal is set to price on Friday.

In addition to price talk dealers announced a modification of the deal's first call premium, reducing that premium to 50% of the coupon from 75% of the coupon. The two-year length of call protection remains unchanged.

Morgan Stanley & Co. LLC, Bank of America Merrill Lynch and RBC Capital Markets LLC are the joint bookrunners for the Rule 144A for life deal.

CIBC World Markets Corp. and BMO Securities are the co-managers.

The Chicago-based insurance company plans to use the proceeds to repurchase its existing senior notes and subordinated notes and for general corporate purposes.

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