Hub International Ltd. on Thursday said it has raised $6.9 billion in debt to refinance its $6.4 billion revolving credit facility while its banking group increased the broker’s revolving credit facility by more than $200 million to increase capacity for additional acquisitions and investments in organic growth.
The deal extends the term of the new debt to 2030 from 2025 when the original $6.4 billion was due, Hub said in a statement.
In 2022, Hub closed 68 acquisition deals and announced 22 deals in 2023.
The $6.9 billion issue was split between $4.75 billion of a new Senior Lien 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 that the new financing “significantly improves our liquidity profile.”
;The deal follows Hub’s recent announcement of a minority investment deal with Leonard Green & Partners, which valued the brokerage at $23 billion. Hub also “expressed its intention to explore the possibility of hiring additional minority investors in the coming months.”
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