13 Mar BRP Group, Inc. Upsizes Senior Revolving Credit Facility to $300 Million
“Driven by both our continued success in signing LOIs, as well as being thoughtful regarding the current macro environment, we converted the accordion feature under our revolving credit facility into a full commitment. As a result, we are now able to access an additional $75 million of capital to further capitalize on potential Partnership opportunities in 2020 and beyond,” said Kris Wiebeck, Chief Financial Officer of BRP Group. “As of today, we have over $280 million in cash and revolver capacity to execute on our strategic plan.”
Borrowings under the amended credit facility continue to accrue interest on amounts drawn at LIBOR plus 200 basis points (“bps”). Interest rates are based on BRP LLC’s total net leverage ratio, but are capped at LIBOR plus 300 bps.
JPMorgan acted as sole bookrunner and lead arranger and will continue to serve as administrative agent and lender under the revolving credit facility, while Wells Fargo, Bank of America, Cadence Bank and Wintrust Financial will continue to serve as additional lenders.
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 400,000 clients across the United States and internationally, with over 40 offices in seven states. For more information, please visit www.baldwinriskpartners.com.