Independent insurance distribution firm, BRP Group, Inc., has announced that its subsidiary, Baldwin Risk Partners, is seeking to enter into an incremental term loan facility amendment to its existing credit agreement.
The move will see BRP borrow $250 million of new term B loans under its credit agreement.
This would increase the aggregate principal amount of its existing senior secured first lien term loan facility maturing in 2027 from $500 million to $750 million.
BRP intends to use the net proceeds of the loan to repay certain revolving credit loans under its credit agreement and for general corporate purposes, including acquisitions and investments.
The transaction currently remains subject to market and other conditions, and BRP stipulated that there is currently no assurance that it will be able to complete the transaction on the terms described.
