Hub Redeems Debenture
NU Online News Service, July 1, 10:45 a.m. EST?Insurance broker Hub International, Ltd., announced it has redeemed in its entirety, $42.5 Canadian ($28.03 U.S.) million principal amount, five year 8.5 percent subordinate convertible debenture held by Zurich Insurance Company since June 2001.
The debenture was convertible into common shares of the company at $17 Canadian per share ($11.21 U.S.).
A portion of the proceeds from Hub's initial U.S. public offering of common shares, which was announced on June 17, was used for the redemption, the broker said on Friday.
Hub, a Canadian broker, is headquartered in Chicago.
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