Brown & Brown draws down $600 million on revolver for acquisition

By Wendy Van Sickle

Columbus, Ohio, Nov. 16 – Brown & Brown Inc. drew down about $600 million under its revolving credit facility on Thursday to finance part of its $705 million acquisition of Hays Cos.’s insurance operations, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement is dated June 28, 2017 with JPMorgan Chase Bank, NA as administrative agent, Bank of America, NA, Royal Bank of Canada and SunTrust Bank as co-syndication agents, and U.S. Bank NA, BMO Harris Bank, NA, Fifth Third Bank, Wells Fargo Bank, NA and PNC Bank, NA as co-documentation agents.

The company also used cash from operations to help fund the acquisition.

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

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