The Baldwin Insurance Group, Inc. Announces Amendment to Credit Agreement

On January 10, 2025, The Baldwin Insurance Group, Inc. (NASDAQ:BRP) disclosed significant updates to its financial undertakings by entering into an amendment with JPMorgan Chase Bank, N.A. The amendment pertains to the Credit Agreement, where The Baldwin Insurance Group Holdings, LLC, formerly known as Baldwin Risk Partners, LLC, reinforced its borrowing status.

The Amendment, effective on the Closing Date, authorized a $100 million increase in term B loans. This brought the total amount to $935.8 million, extending Baldwin Holdings’ existing $835.8 million senior secured first lien term loan facility due on May 24, 2031. The New Term Loans, funded on the same date, were utilized to fully settle the outstanding Initial Term Loans under the Credit Agreement.

Interest on the New Term Loans is based on term SOFR plus a 300 bps margin, with a subsequent reduction to 275 bps if a first lien net leverage ratio of 4.00x or lower is achieved. The terms governing the New Term Loans are generally consistent with those of the Initial Term Loans articulated in the Credit Agreement.

It is pertinent to note that the description of the Amendment provided above is not exhaustive and is subject to validation through the complete text of the Amendment, which will be appended to Baldwin’s subsequent Annual Report on Form 10-K.

Additionally, the details outlined in Item 1.01 above have been assimilated by reference into Item 2.03 concerning the establishment of a direct financial obligation or an off-balance sheet obligation for the registrant.

The Baldwin Insurance Group, Inc.’s current Chief Financial Officer, Bradford L. Hale, authorized the submission of this report as per the stipulations outlined in the Securities Exchange Act of 1934.

This announcement underlines the strategic financial decisions implemented by The Baldwin Insurance Group, Inc. to fortify its standing in the market and streamline its financial operations moving forward.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read The Baldwin Insurance Group’s 8K filing here.

The Baldwin Insurance Group Company Profile

BRP Group, Inc operates as an independent insurance distribution firm that delivers insurance and risk management solutions in the United States. It operates through three segments: Insurance Advisory Solutions; Underwriting, Capacity & Technology Solutions; and Mainstreet Insurance Solutions. The Insurance Advisory Solutions segment provides commercial risk management, employee benefits, and private risk management solutions for businesses and high-net-worth individuals, as well as their families.