Wachovia Securities is working on a $260 million bank deal for Virginia-based Hilb, Rogal, and Hamilton, according to market sources. The deal is reportedly structured to include a $140 million term loan "B" in conjunction with a pro rata piece slated for $120 million. One banker said the term loan is the first for the company. Calls to Carolyn Jones, cfo and treasurer, were not returned by press time. A company spokeswoman confirmed the bank deal but refereed all specific questions to Jones.
The credit will back the company's acquisition of The Hobbs Group, an insurance brokerage. Hilb, Rogal and Hamilton places general and specialty insurance with major underwriters on behalf of targeted clients.