BRP Group, Inc. Announces Upsize and Successful Repricing of Senior Secured Term Loan Facility
May 28 2021 - 7:30AM
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 an upsized, new $500 million
senior secured first lien term loan facility maturing in 2027 (the
“New Term Loan B”), which represents a $100 million increase in the
aggregate principal amount of its existing senior secured first
lien term loan facility (the “Existing Term Loan B”).
The New Term Loan B will bear interest at LIBOR plus 350 basis
points (“bps”), which is an improvement of 50 bps from BRP LLC’s
Existing Term Loan B, and is subject to a LIBOR floor of 50 bps (25
bps lower than the LIBOR floor for the Existing Term Loan B).
“This execution provides us incremental capacity
to help fund our strong partnership pipeline and meaningfully
reduces our cost of capital,” said Brad Hale, Chief Financial
Officer of BRP Group. “We believe the outcome reflects the strong
performance of 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 refinance BRP LLC’s Existing Term Loan B and for general
corporate purposes, including acquisitions and investments
permitted under the New Term Loan B.
BRP LLC expects the New Term Loan B to close on or about June 2,
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 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 RELATIONS
Bonnie Bishop
Investor Relations
(813) 259-8032
IR@baldwinriskpartners.com
PRESS
Rachel Carr
Baldwin Risk Partners
(813) 418-5166
Rachel.Carr@baldwinriskpartners.com
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