Hub International Ltd., a Chicago-based insurance brokerage, has completed and funded a $200 million incremental senior secured term loan under its existing senior secured credit facility. Hub was taken private in 2007 for $1.8 billion by Apax Partners and Morgan Stanley Principal Investments.
Hub International Limited (“HUB”) today announced that it completed and funded a $200 million incremental senior secured term loan under its existing senior secured credit facility. Consistent with HUB’s existing senior secured credit facility, HUB’s obligations in respect of the incremental term loan will be guaranteed by all direct and indirect domestic subsidiaries of HUB.
HUB intends to use the net proceeds of the offering for general corporate purposes, including possible acquisitions.
The Joint-Lead Arrangers and Joint Bookrunners for the offering were Morgan Stanley Senior Funding, Inc. (“MSSF”) and Bank of America Merrill Lynch (“BofA Merrill”).
Headquartered in Chicago, IL, Hub International Limited is a leading North American insurance brokerage that provides a broad array of property and casualty, reinsurance, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada.