TAMPA, Fla., Oct. 01, 2020 (GLOBE NEWSWIRE) -- BRP Group, Inc. (NASDAQ: BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, today announced that its subsidiary Baldwin Risk Partners, LLC is launching a loan syndication for a new $400 million senior secured first lien term loan facility maturing in 2027 (the “Term Loan B”) and a new $400 million senior secured first lien revolving credit facility maturing in 2025 (the “Revolving Facility” and together with the Term Loan B, the “New Facilities").

If consummated, the proceeds of the New Facilities are expected to be used to refinance BRP LLC’s existing revolving credit facility and for general corporate purposes, including acquisitions and investments permitted under the New Facilities. BRP LLC expects that interest rates under the Revolving Facility would be the same as the interest rates under its existing revolving credit facility, with borrowings accruing interest on amounts drawn at LIBOR plus 200 basis points (“bps”) to LIBOR plus 300 bps based on BRP LLC’s total net leverage ratio.

“We continue to have the strongest near-term partnership pipeline in the history of our firm. We believe the New Facilities would position us well to execute on that pipeline and to remain front footed as we head into 2021,” said Kris Wiebeck, Chief Financial Officer of BRP Group.

There can be no assurance BRP LLC will receive commitments for the $800 million of the New Facilities. In addition, the closing of the New Facilities is subject to market and other conditions, and there can be no assurance that the transaction will be successfully completed 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 500,000 Clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com.