BRP Group, Inc. Announces Pricing of $350 Million Term Loan B Add-on
13 Diciembre 2021 - 8:01AM
Business Wire
BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP)
today announced that its subsidiary Baldwin Risk Partners, LLC
(“BRP LLC”) priced a loan syndication for a new $350 million senior
secured first lien incremental term loan facility (the “New Term
Loan B”), which represents an increase in the aggregate principal
amount of its existing senior secured first lien term loan facility
maturing in 2027 from $500 million to $850 million.
The New Term Loan B will bear interest at LIBOR plus 350 basis
points (“bps”) and is subject to a LIBOR floor of 50 bps.
“We continuously assess our cost of capital and capital strategy
to set the Company up for success in executing against its strong
partnership pipeline,” said Brad Hale, Chief Financial Officer of
BRP Group. “We believe that this additional debt reflects the
strong continued momentum in the business and our increased scale
and capabilities since our initial Term Loan execution last
October.”
BRP LLC intends to use the net proceeds of the New Term Loan B
to repay certain revolving credit loans under the Credit Agreement
and for general corporate purposes, including acquisitions and
investments permitted under the Credit Agreement.
BRP LLC expects the New Term Loan B to close on or about
December 16, 2021, subject to customary closing conditions. The
commitments in respect of the New Term Loan B and the terms and
conditions thereof remain subject to the finalization and execution
of definitive documentation.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance
distribution firm delivering tailored insurance and risk management
insights and solutions that give our Clients the peace of mind to
pursue their purpose, passion and dreams. We are innovating the
industry by taking a holistic and tailored approach to risk
management, insurance and employee benefits, and support our
Clients, Colleagues, Insurance Company Partners and communities
through the deployment of vanguard resources and capital to drive
our growth. BRP Group represents over 700,000 Clients across the
United States and internationally. For more information, please
visit www.baldwinriskpartners.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain various “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, which represent BRP Group’s expectations or
beliefs concerning future events. Forward-looking statements are
statements other than historical facts and may include statements
that address future operating, financial or business performance or
BRP Group’s strategies or expectations. In some cases, you can
identify these statements by forward-looking words such as “may”,
“might”, “will”, “should”, “expects”, “plans”, “anticipates”,
“believes”, “estimates”, “predicts”, “projects”, “potential”,
“outlook” or “continue”, or the negative of these terms or other
comparable terminology. Forward-looking statements are based on
management’s current expectations and beliefs and involve
significant risks and uncertainties that could cause actual
results, developments and business decisions to differ materially
from those contemplated by these statements.
Factors that could cause actual results or performance to differ
from the expectations expressed or implied in such forward-looking
statements include, but are not limited to, those described under
the caption “Risk Factors” in BRP Group’s Annual Report on Form
10-K for the year ended December 31, 2020, BRP Group’s Quarterly
Reports on Form 10-Q for the nine months ended September 30, 2021
and BRP Group’s other filings with the SEC, which are available
free of charge on the Securities and Exchange Commission's website
at: www.sec.gov. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated. All
forward-looking statements and all subsequent written and oral
forward-looking statements attributable to BRP Group or to persons
acting on behalf of BRP Group are expressly qualified in their
entirety by reference to these risks and uncertainties. You should
not place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date they are made,
and BRP Group does not undertake any obligation to update them in
light of new information, future developments or otherwise, except
as may be required under applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211213005620/en/
INVESTOR RELATIONS Bonnie Bishop, Executive Director
Baldwin Risk Partners (813) 259-8032 |
IR@baldwinriskpartners.com
PRESS Rachel DeAngelo, Communications Manager Baldwin
Risk Partners (813) 387-6842 |
rdeangelo@baldwinriskpartners.com
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