The Firm represented Hub International Limited (“Hub”) in connection with its Rule 144A and Regulation S offering of $550 million aggregate principal amount of 5.625% Senior Notes due 2029 (the “Notes”). In addition, the Firm represented Hub in connection with a sixth amendment to its existing senior secured credit facilities providing for a $1.75 billion incremental term loan (the “November 2021 Incremental Term Loan”) and an extension of the maturity date of Hub’s revolving credit facilities to January 2025. The November 2021 Incremental Term Loan is secured by first priority liens on acquired assets of, and guaranteed on a senior basis by, Hub’s wholly-owned domestic restricted subsidiaries and, in the case of the Canadian dollar revolving credit facility, Hub’s wholly-owned Canadian restricted subsidiaries. The Notes are guaranteed on a senior basis by Hub’s wholly-owned domestic restricted subsidiaries that guarantee Hub’s obligations under the November 2021 Incremental Term Loan.
Hub used the net proceeds from the Notes offering, together with borrowings under the November 2021 Incremental Term Loan and cash on hand, (i) to fund distributions to its parent, which parent entity in turn used to make distributions to its equityholders and option holders, (ii) for general corporate purposes, including to fund acquisitions, and (iii) to pay all fees and expenses related to this offering and the sixth amendment to its existing senior secured credit facilities.
Hub is a leading insurance broker in North America and provides a broad array of insurance-related products and services, including property and casualty, employee benefits, life and health, and risk management.
The Simpson Thacher team included William Brentani, Hui Lin, Tony Rim, Andy Roy and William Perrone (Capital Markets); Brian Steinhardt, Jonathan Pall and Dean Masuda (Credit); Naveed Anwar and Michaela Dion (M&A); and Jonathan Cantor and Scott Grundei (Tax).