Private equity-backed Hub International said Thursday it has raised $6.9 billion in corporate debt to refinance its $6.4 billion term loan. The Chicago-based company floated $4.75 billion in a new first lien term loan B and $2.175 billion of new senior secured notes. The 16,000-employee company has already announced 22 acquisitions in 2023. “Hub is pleased to share that Moody’s Investors Service recently upgraded its corporate family rating to ‘positive’ from ‘stable’ based on the company’s steady growth in revenue and strong Ebitda margin,” the company said. The debt deal comes after Hub International on April 28 said Leonard Green & Partners LP would make an undisclosed minority investment in the acquisitive insurance brokerage company at a $23 billion valuation. Atlas Partners and Hellman & Friedman have already backed the company, which plans to bring on more minority investors.
