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JPMorgan Upsizes BRP Group Revolver to $225MM

December 20, 2019

BRP Group’s subsidiary Baldwin Risk Partners has amended its senior revolving credit facility, increasing its capacity to $225 million, up $100 million from its previous amount of $125 million.

BRP also has the ability, subject to approval, to utilize an accordion feature to increase the committed line under the credit facility by an additional $75 million to $300 million.

Under the amended and restated senior revolving credit facility, borrowings initially accrue interest on amounts drawn at LIBOR plus 200 bps, an improvement of 150 bps from the prior facility. Interest rates are based on the company’s total net leverage ratio, but are capped at LIBOR plus 300 bps (125 bps lower than the previous cap).

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