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Bank Syndicate Upsizes BRP Group’s Senior Revolving Credit Facility to $600MM

March 31, 2022, 07:40 AM
Filed Under: Insurance
Related: BRP Group, Insurance

BRP Group, an independent insurance distribution firm delivering tailored insurance solutions, announced that its subsidiary, Baldwin Risk Partners, LLC ("BRP LLC"), has amended its senior revolving credit facility effective immediately, increasing the committed line under the Revolving Facility from $475 million to $600 million. Interest rates on the amended Revolving Facility were changed to the Secured Overnight Financing Rate (SOFR), plus a credit spread adjustment (CSA) of 10 basis points ("bps"), plus an amount between 200 bps and 300 bps, depending on BRP LLC's total net leverage ratio. The total net leverage covenant was increased to 7.0x EBITDA. The maturity date of the revolver was extended to April 1, 2027.

As part of the expanded Revolving Facility, Morgan Stanley Senior Funding, Inc., Raymond James Bank, and SouthState Bank, N.A. joined the syndication. The bank group is led by J.P. Morgan Securities as administrative agent, joint lead arranger, and joint bookrunner. Capital One, Wells Fargo Bank, Bank of America, Morgan Stanley Senior Funding, Raymond James Bank, Cadence Bank, Lake Forest Bank & Trust Company, and SouthState Bank, served as joint lead arrangers and joint bookrunners. Each of the incumbent lenders is maintaining or increasing its commitment under the Revolving Facility.

"The expansion of our senior revolving credit facility is a testament to our close working relationship with our lending group," said Trevor Baldwin, Chief Executive Officer of BRP Group. "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 our lenders' continued commitment to BRP Group, and we want to welcome the three high quality institutions entering our syndicate," said Brad Hale, Chief Financial Officer of BRP Group. "We have meaningfully extended the facility’s maturity and adjusted our financial covenant profile to provide a broad margin of safety ahead of the closing of our acquisition of Westwood Insurance Agency, which will temporarily increase our leverage."

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