BRP Group’s subsidiary Baldwin Risk Partners amended its senior revolving credit facility to increase the committed line under the credit facility to $400 million, up $100 million from its previous amount of $300 million.
As part of the expanded credit facility, Capital One joined the group of original lenders as a co-documentation agent. The bank group is led by JPMorgan as sole bookrunner, lead arranger, administrative agent and lender, with Wells Fargo and Bank of America as co-syndication agents, Cadence Bank as the other co-documentation agent and Wintrust Financial as a participant as well. Each of the original lenders is maintaining or increasing its commitment under the revolving credit facility.
“The expansion of our senior revolving credit facility is a testament to our close working relationship with our lending group,” Trevor Baldwin, CEO of BRP Group, said. “We thank our banking partners for their continued confidence in BRP Group, as they continue to recognize the quality of the business that we are building.”
“We are very appreciative of lenders’ continued commitment to BRP Group and we want to welcome Capital One to our syndicate,” Kris Wiebeck, CFO of BRP Group, said. “We are now able to access an additional $100 million of capital to further capitalize on potential partnership opportunities for the remainder of 2020 and beyond. As of today, we have approximately $200 million in unrestricted cash and revolver capacity to continue executing on our strategic plan.”
There was no change to interest rates, as borrowings under the amended credit facility accrue interest on amounts drawn at LIBOR plus 200 basis points to LIBOR plus 300 basis points based on BRP’s total net leverage ratio. The maturity date of the revolver remains Sept. 23, 2024.
BRP Group is an independent insurance distribution firm.