Hub International Limited said its sale of 4 million common stock shares would raise more than $100 million and be used to pay the company's debt.

On Friday, the Chicago-based insurance broker said it is pricing the sale of its common stock at $26.25 per share. The firm said the net proceeds–after underwriters' discount and commissions, but before offering expenses–would amount to $100.28 million, or $25.07 per share.

Hub said it also granted to the stock underwriters a 30-day option to purchase up to 600,000 additional common shares to cover overallotments, if any, at the same per share price.

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