Hub private debt placement complete

The previously announced private debt placement by Hub International Ltd. (TSX, NYSE: HBG) has been completed. The US$65 million in principal of unsecured senior notes were sold in the U.S. to private institutional buyers.
“Net proceeds of the sale of the senior notes will be used to pay down US$50 million of existing bank indebtedness and for general corporate purposes, which may include future acquisitions,” states a Hub release.
The notes were sold in two series, one for US$10 million of 5.71% senior notes due in 2010 and another for US$55 million of 6.16% senior notes due in 2013.