Standard & Poor's Ratings Services has assigned its "B" counterparty credit rating to Hub International Ltd. with a stable outlook. S&P also assigned its "B" senior secured debt rating to Hub's proposed $775 million of senior secured credit facilities, which consist of a $675 million term loan B and a $100 million revolver. Finally the rating agency assigned its "CCC+" senior unsecured debt rating to Hub's proposed $395 million senior unsecured notes as well as Hub's proposed $395 million senior subordinated note issuances.
The proceeds will be used to finance a proposed $1.9 billion acquisition of Hub by a group of private investors led by APAX Partners. The transaction is being capitalized with $1.325 billion of debt and about $663 million of equity.
