The Firm represented Hub International Limited (“HUB”) in connection with its Rule 144A and Regulation S offering of $2.175 billion aggregate principal amount of 7.25% Senior Secured Notes due 2030 (the “Notes”).
In addition, the Firm represented HUB in connection with (x) an incremental amendment to (i) incur a term loan facility in an aggregate principal amount of $4.75 billion (the “2023 Term Loan Facility”), (ii) increase the aggregate principal amount of the U.S. revolving credit facility to $715 million and (iii) increase the Canadian dollar facility to C$140 million and (y) an amendment and restatement of the existing credit facilities as amended (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 2023 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, Karen Reyes, Jonathan Kachiu, William Perrone, Kayley Ingalls and Ramin Tabrizi (Capital Markets); Brian Steinhardt, Dorothy Hector, Michael Ratay and Joel Kushner (Credit); Jon Pall (Collateral); Jessica Cohen, Courtney Welshimer, Rachelle Broida and Mark Natividad (Intellectual Property); and Jonathan Cantor and Scott Grundei (Tax).