BRP Group borrows additional $380 million under revolver

By Marisa Wong

Los Angeles, April 29 – BRP Group, Inc. borrowed on April 28 an additional $380 million under its revolving credit facility dated Oct. 14, 2020, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings will be used for general working capital purposes and to fund some closing cash and post-closing contingent consideration payments for BRP’s acquisition of Westwood Insurance Agency.

As of April 29, the amount outstanding under the credit agreement is $530 million, and the remaining availability for borrowing is $70 million.

The revolver matures in 2027.

BRP Group’s subsidiary, Baldwin Risk Partners, LLC, is borrower under the credit agreement.

JPMorgan Chase Bank, NA is the administrative agent.

The insurance company is based in Tampa, Fla.

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