The Firm represented Hub International Limited (“HUB”) in connection with its Rule 144A and Regulation S offering of $1.1 billion aggregate principal amount of 7.250% Senior Secured Notes due 2030 (the “New Secured Notes”) and $1.9 billion aggregate principal amount of 7.375% Senior Notes due 2023 (the “Unsecured Notes”).
In addition, the Firm represented HUB in connection with an incremental amendment to (i) incur a term loan facility in an aggregate principal amount of $4.86 billion (the “2024 Term Loan Facility”) and (ii) increase the aggregate principal amount of the U.S. revolving credit facility to $750.0 million (collectively, the “Amendments” and the amended credit facilities, the “Senior Secured Credit Facilities”).
HUB intends to use the net proceeds from the Notes offering, together with borrowings under the 2024 Term Loan Facility and cash on hand, (i) to refinance certain loans under its existing credit facilities, (ii) for general corporate purposes, including to fund acquisitions, and (iii) to pay all fees and expenses related to the Notes and the Amendments.
HUB is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services.
The Simpson Thacher team included William Brentani, Daniel Webb, Karen Reyes, Andy Roy, Barry Lau, William Perrone, Kayley Ingalls and Ramin Tabrizi (Capital Markets); Brian Steinhardt, Dorothy Hector and Joel Kushner (Credit); Jon Pall (Collateral); Courtney Welshimer, Rachelle Broida and Mark Natividad (Intellectual Property); and Jonathan Cantor and Michael Mann (Tax).