BRP Group’s subsidiary Baldwin Risk Partners priced a loan syndication for a new $400 million senior secured first lien term loan facility maturing in 2027 and a new $400 million senior secured first lien revolving credit facility maturing in 2025.
J.P. Morgan Securities, Bank of America, Wells Fargo, Capital One, Cadence Bank, Lake Forest Bank & Trust Company are acting as joint lead arrangers for the new facilities.
Interest rates under the revolving facility will remain the same as the interest rates under BRP’s existing revolving credit facility, with borrowings accruing interest on amounts drawn at LIBOR plus 200 basis points (bps) to LIBOR plus 300 bps based on BRP’s total net leverage ratio. The term loan B will bear interest at LIBOR plus 400 bps.
BRP intends to use the net proceeds of the new facilities to refinance BRP’s existing revolving credit facility and for general corporate purposes, including acquisitions and investments permitted under the new facilities.
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