Hilb, Rogal & Hobbs Company said yesterday it has entered into a note agreement with Prudential Capital Group and amended its existing senior secured credit agreement.
The insurance brokerage said it issued $100 million in Senior Secured Notes, Series A, which were used to pay outstanding loans under its credit agreement. The notes will mature on Aug. 27, 2017. Under the agreement, the Richmond, Va.-based firm can issue an additional $100 million in notes for up to a ten-year term at a fixed interest rate based on Treasury Rates at the time of issue.
The notes are a private placement transaction and are not registered.
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