BRP Group, Inc., an independent insurance distribution firm, has announced that its subsidiary, Baldwin Risk Partners, is seeking to amend its existing credit agreement with an incremental term loan facility.
Under its credit agreement, BRP will borrow $250 million in new term B loans.
The aggregate principal amount of its existing senior secured first lien term loan facility maturing in 2027 would be increased from $500 million to $750 million as a result.
The net proceeds of the loan will be used by BRP to repay certain revolving credit loans under its credit agreement, as well as for general corporate purposes such as acquisitions and investments.
The transaction is currently subject to market and other conditions, and BRP stated that there is no guarantee that it will be able to complete the transaction on the terms described.