Lockton, a privately held, independent insurance brokerage, closed on a new seven-year $600 million term loan and a $1.6 billion revolving line of credit.
The new term loan enhances Lockton’s capital structure and supports the firm’s private and independent model as well as its strategy of delivering tailored solutions, expertise and a full range of capabilities to clients in more than 160 countries.
Proceeds from the new term loan, due May 2033, will be used to retire $377 million in existing corporate debt, for recapitalization and general corporate purposes. The pricing on the term loan, SOFR + 200, demonstrates the strength of Lockton’s credit profile.
The new revolving line of credit, due in May 2031, replaces an existing $1.1 billion line.
JPMorgan Chase Bank, BofA Securities, BMO Capital Markets, Lloyds Bank and U.S. Bank arranged the term loan and revolving line of credit.
