BRP Group, Inc. Announces Launch of $100 Million Term Loan B Add-On
May 24 2021 - 7:55AM
BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), a
rapidly growing independent insurance distribution firm delivering
tailored insurance solutions, today announced that its subsidiary
Baldwin Risk Partners, LLC (“BRP LLC”) is seeking to enter into an
incremental term loan facility amendment to its existing credit
agreement (the “Credit Agreement”) pursuant to which BRP LLC is
expected to borrow $100 million of new term B loans (the “New Term
Loan B”) under the Credit Agreement, which would increase the
aggregate principal amount of its existing senior secured first
lien term loan facility maturing in 2027 (the “Existing Term Loan
B”) from $400 million to $500 million.
BRP LLC intends to use the net proceeds of the New Term Loan B
for general corporate purposes, including acquisitions and
investments permitted under the Credit Agreement.
The foregoing transaction is subject to market and other
conditions. Therefore, there can be no assurance that BRP LLC will
be able to successfully complete the transaction, on the terms
described above, or at all.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is a rapidly growing 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 represents over 600,000 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 three months ended March 31, 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.
CONTACTS
INVESTOR RELATIONSBonnie BishopInvestor
Relations(813) 259-8032IR@baldwinriskpartners.com
PRESSRachel CarrBaldwin Risk Partners(813)
418-5166Rachel.Carr@baldwinriskpartners.com
Baldwin Insurance (NASDAQ:BRP)
Historical Stock Chart
From May 2024 to Jun 2024
Baldwin Insurance (NASDAQ:BRP)
Historical Stock Chart
From Jun 2023 to Jun 2024