Trucordia completed a comprehensive debt refinancing that enhances the company’s capital structure and positions it for continued growth. The transaction closes concurrently with the $1.3 billion strategic investment from Carlyle announced earlier this month.
“These transactions are transformative for Trucordia, creating new financial and governance structures that will support the company’s continued growth,” Felix Morgan, CEO of Trucordia, said. “They reflect both the significant work we have done in the last four years to build the nation’s next great insurance brokerage and the confidence in our strategy to accelerate our success.”
The refinancing includes a $1.94 billion first lien term loan B, as well as a $548 million second lien term loan B with Blue Owl Capital. In conjunction with the loans, Trucordia will have a $400 million revolving credit facility to support future investments. The proceeds from the refinancing replace the company’s existing unitranche debt, significantly improving the company’s cost of capital and long-term financial flexibility.
JPMorgan Chase served as financial advisor. JPMorgan Chase will serve as administrative agent for the revolving credit facility. Orrick served as legal counsel to Trucordia.
