JPMorgan acted as sole bookrunner and lead arranger and will continue to serve as administrative agent and lender for an amended senior revolving credit facility for BRP Group. The amendment increased the committed line under the credit facility to $300 million, up $75 million from its previous amount of $225 million. Wells Fargo, Bank of America, Cadence Bank and Wintrust Financial will continue to serve as additional lenders.
“Driven by both our continued success in signing LOIs, as well as being thoughtful regarding the current macro environment, we converted the accordion feature under our revolving credit facility into a full commitment. As a result, we are now able to access an additional $75 million of capital to further capitalize on potential partnership opportunities in 2020 and beyond,” Kris Wiebeck, CFO of BRP Group, said. “As of today, we have over $280 million in cash and revolver capacity to execute on our strategic plan.”
Borrowings under the amended credit facility continue to accrue interest on amounts drawn at LIBOR plus 200 basis points. Interest rates are based on BRP’s total net leverage ratio, but are capped at LIBOR plus 300 basis points.
BRP Group is an independent insurance distribution firm.
