NewStar Leads Integro Financing
NewStar Financial served as lead arranger and administrative agent for senior credit facilities provided to Integro. The credit facilities were comprised of a revolving line of credit, which was undrawn at closing, and a combination of funded and delayed draw term loans. The transaction also included an accordion feature, which could significantly increase the size of the facilities at the company’s request subject to lender approval.
The initial proceeds from the financing were used to refinance existing debt with significant undrawn borrowing capacity remaining available to support the company’s future funding needs related to its growth strategy.
“As we approach our tenth anniversary, Integro is poised for exceptional growth both organic and through continued acquisition of specialty businesses,” said President William Goldstein. “The relationship with NewStar ensures that we have ready access to the resources to deliver on a growth strategy that includes an expanded geographic footprint and the addition of new products and specialties to Integro.”
“We are very excited by the opportunity to back one of the leading independent insurance brokerage firms in the world as it continues to execute its strategic growth plan. With the ability to provide financing solutions up to $300 million, we believe that we will be able to partner with Integro for many years to come as they continue to grow the business organically and through acquisitions,” said Jason Wendorf, a senior banker at NewStar.
The deal team for the transaction included Robert Milordi, Kevin Mulcahy and Marty Loew.
New York City-headquartered Integro has grown to become one of the top 25 insurance brokers in the U.S. operates from offices across the U.S., Canada, Bermuda and the UK.