Baldwin Risk Partners prices term loan at Libor plus 400 bps

By Marisa Wong

Los Angeles, Oct. 12 – Baldwin Risk Partners LLC priced a loan syndication for a new $400 million first-lien term loan B due 2027 and a new $400 million first-lien revolving credit facility due 2025, according to a press release.

The term loan B will bear interest at Libor plus 400 basis points.

Interest rates under the revolver are the same as those under Baldwin’s existing revolver, Libor plus 200 bps to 300 bps based on the company’s total net leverage ratio.

J.P. Morgan Securities LLC, Bank of America, NA, Wells Fargo Bank, NA, Capital One, NA, Cadence Bank, NA and Lake Forest Bank & Trust Co., NA are the joint lead arrangers.

The company held a lender call on Oct. 1 to launch the $800 million of senior secured credit facilities (B2/B), as previously reported.

Price talk on the term loan was Libor plus 400 bps to 425 bps with a 0.75% Libor floor and an original issue discount of 98.5, according to a market source.

Proceeds will be used to refinance the existing revolver and for general corporate purposes, including acquisitions and investments.

The new facilities are expected to close on Oct. 14.

Baldwin Risk, a subsidiary of BRP Group Inc., is a Tampa, Fla.-based insurance distribution firm.

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