New Issue: Brown & Brown sells $700 million 2.375% senior notes due 2031 at 99.89

By Devika Patel

Knoxville, Tenn., Sept. 17 – Brown & Brown Inc. priced $700 million of 2.375% senior notes due March 15, 2031 (Baa3/BBB-) at 99.89 on Thursday, according to an FWP filed with the Securities and Exchange Commission.

The notes priced to yield 2.387%, or Treasuries plus 170 basis points.

J.P. Morgan Securities LLC, BofA Securities Inc., PNC Capital Markets LLC, Truist Securities, BMO Capital Markets Corp., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used to repay borrowings under the company’s credit facility and for general corporate purposes.

Brown & Brown is a diversified insurance company based in Daytona Beach, Fla.

Issuer:	Brown & Brown Inc.
Issue:	Senior notes
Amount:	$700 million
Maturity:	March 15, 2031
Bookrunners:	J.P. Morgan Securities LLC, BofA Securities Inc., PNC Capital Markets LLC, Truist Securities, BMO Capital Markets Corp., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
Co-managers:	Capital One Securities Inc., Fifth Third Securities Inc. and RBC Capital Markets Corp.
Coupon:	2.375%
Price:	99.89
Yield:	2.387%
Spread:	Treasuries plus 170 bps
Call:	Make-whole call at Treasuries plus 30 bps until Dec. 15, 2030, then a par call
Pricing date:	Sept. 17
Settlement date:	Sept. 24
Ratings:	Moody’s: Baa3
	S&P: BBB-
Distribution:	SEC Registered

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