Hub International talks $1.32 billion eight-year senior notes to yield 7¼%-7½%; pricing Wednesday

By Paul A. Harris

Portland, Ore., April 18 – Hub International Ltd. talked its $1.32 billion offering of eight-year senior notes (CCC+) to yield 7¼% to 7½%, according to market sources.

The Rule 144A for life offering is set to price on Wednesday, an acceleration of previously announced timing that had the deal remaining in the market until Thursday.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, Barclays, Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc., BMO Securities and Nomura Securities Co. Ltd. are the joint bookrunners.

The notes come with three years of call protection.

The Chicago-based insurance brokerage plans to use the proceeds, together with $3.05 billion and C$200 million of term loans, to refinance its capital structure.

Timing on the term loans was also accelerated, sources say. The loan commitment deadline was moved up to Thursday from Friday.

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