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Hub raises $6.9B in debt refinancing move


Hub International Ltd. on Thursday said it has raised $6.9 billion in debt to refinance its $6.4 billion term loan debt while its banking group raised the broker’s revolving credit facilities by more than $200 million to increase capacity for additional acquisitions and investments in organic growth.

The deal extends the maturity of the new debt to 2030 from 2025 when the original $6.4 billion was due, a Hub statement said.

In 2022, Hub closed 68 acquisition deals and has publicly announced 22 deals in 2023.

The $6.9 billion issuance was split between $4.75 billion of a new first lien term loan B and $2.18 billion of new senior secured notes and was offered to qualified institutional buyers.

Marc Cohen, president and CEO of Hub International, said in the statement the new funding “greatly enhances our liquidity profile.”

The deal follows Hub’s recent announcement of a minority investment agreement with Leonard Green & Partners, which valued the broker at $23 billion. Hub also “expressed its intention to explore the opportunity to bring on additional minority investors in the coming months.”