PCF Insurance secures $400 million incremental debt via Blue Owl

By Marisa Wong

Los Angeles, April 24 – PCF Insurance Services closed $400 million of incremental debt financing led by Blue Owl as lead arranger and administrative agent, according to a press release.

The financing was materially oversubscribed and was upsized from $300 million in response to strong demand from new and existing lenders.

In addition, the company reduced the margin on the majority of its debt by 50 basis points, which will represent a significant annual savings in ongoing interest expense, according to the release.

The deal includes a delayed-draw term loan to support M&A that will be pari passu and mature concurrently with the company’s existing secured credit facilities.

PCF previously secured a $400 million incremental term loan, also led by Blue Owl, in July 2023.

The insurance brokerage is based in Lehi, Utah.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.