Brown & Brown Ups Revolving Credit to $1.25B, Adds $500M Term Loans
Brown & Brown, Inc. entered into a Third Amended and Restated Credit Agreement, significantly enhancing its financial flexibility. The agreement increases the Revolving Credit Facility from $800 million to $1.25 billion and extends its maturity to June 5, 2031. Additionally, the company secured new Term A-1 and Term A-2 Loan Facilities, each for $250 million, maturing in 2029 and 2031 respectively. As of the filing date, $825 million is outstanding under these facilities.
Key Highlights
- Revolving Credit Facility increased from $800 million to $1,250 million.
- Revolving Credit Facility maturity extended to June 5, 2031.
- New Term A-1 Loan Facility of $250 million matures on June 5, 2029.
- New Term A-2 Loan Facility of $250 million matures on June 5, 2031.
- Total outstanding under the facilities is $825 million as of the filing date.
Price Impact
More from BRO
Brown & Brown Appoints Neil Krauter Sr. as Executive Managing Director
Brown & Brown Named Best Workplaces in Canada for Financial Services & Insurance and Mental Wellness
Brown & Brown Appoints Corey Lewis as Retail Global Head of Tax Insurance