By Aleesia Forni
Virginia Beach, Sept. 16 – Brown & Brown Inc. priced $500 million of 4.2% senior notes due 2024 (Baa3/BBB-/) with a spread of Treasuries plus 165 basis points on Monday, according to a FWP filed with the Securities and Exchange Commission.
The notes sold at 99.685 to yield 4.239%.
J.P. Morgan Securities LLC, BofA Merrill Lynch and SunTrust Robinson Humphrey Inc. were the bookrunners.
Proceeds will be used to repay outstanding borrowings under a credit facility and for general corporate purposes.
Brown & Brown is a diversified insurance company based in Daytona Beach, Fla.
| Issuer: | Brown & Brown Inc.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | Sept. 15, 2024
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, SunTrust Robinson Humphrey Inc.
|
| Co-managers: | RBC Capital Markets LLC, U.S. Bancorp Investments Inc.
|
| Coupon: | 4.2%
|
| Price: | 99.685
|
| Yield: | 4.239%
|
| Spread: | Treasuries plus 165 bps
|
| Make-whole call: | Treasuries plus 25 bps prior to June 15, 2024, then callable at par
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 18
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor's: BBB-
|
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