CHICAGO--()--Hub International Limited (“Hub”), a global insurance broker, today announced the pricing of $740.0 million aggregate principal amount of 8.125% Senior Notes due 2018 (the “New Senior Notes”) at par in a private offering to qualified institutional buyers in the United States pursuant to Rule 144A and outside the United States pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”).
The offering is expected to close on September 18, 2012, subject to the satisfaction of customary closing conditions. Hub intends to use the net proceeds of this offering to purchase any and all of its $305.0 million in aggregate principal amount of 9.00% Senior Notes due 2014 (the “2014 Senior Notes”) and $395.0 million in aggregate principal amount of 10.25% Senior Subordinated Notes due 2015 (the “2015 Subordinated Notes”) tendered in connection with Hub’s concurrent tender offer for the 2014 Senior Notes and the 2015 Subordinated Notes and consent solicitation, to redeem any 2014 Senior Notes and 2015 Subordinated Notes that remain outstanding after the completion of the tender offer and to pay fees and expenses in connection therewith. The remaining proceeds from this offering, if any, will be used for general corporate purposes.
The New Senior Notes have not been registered under the Securities Act or the securities laws of any other jurisdictions, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the New Senior Notes, the 2014 Senior Notes or the 2015 Subordinated Notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
This press release contains forward-looking statements regarding Hub’s offering of the New Senior Notes. The forward-looking statements in this release are based on information available at the time the statements are made and/or management’s belief as of that time with respect to future events and involve risks and uncertainties that could cause actual results and outcomes to be materially different. These factors include Hub’s ability to consummate its tender offer for the 2014 Senior Notes and the 2015 Subordinated Notes, as well as its offering of the New Senior Notes, which is subject to numerous uncertainties, including but not limited to satisfaction or waiver of all conditions to closing. While Hub may elect to update forward-looking statements in the future, it specifically disclaims any obligation to do so, and therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.