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S&P rates Brown & Brown notes BBB-
S&P said it assigned its BBB- issue rating to Brown & Brown Inc.'s planned $700 million of 2.375% 10.5-year senior note issuance.
Brown & Brown intends to use the proceeds to pay down the $200 million outstanding on its revolving credit facility, which the company used to help fund its active acquisition pace in the first half of the year, and for general corporate purposes, likely supporting more mergers and acquisitions in the second half of the year, S&P said.
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