Bulletin: BRP Group, Inc. Announces $100 Million Add-On To Its Existing Term Loan

NEW YORK (S&P Global Ratings) May 24, 2021--S&P Global Ratings said today its issuer credit rating on BRP Group, Inc. ('B/Stable') remains unchanged following the company's announcement that it is issuing (through borrowing entity Baldwin Risk Partners, LLC) a proposed $100 million fungible add-on to its existing $400 million term loan due 2027. The company may also concurrently reprice these facilities. The existing 'B' issue rating and '3' (50%-70%; rounded estimate: 50%) recovery rating also remains unchanged. We expect BRP to use proceeds of the issuance primarily to fund future partnerships. Pro forma for the debt issuance, BRP's leverage increases modestly to 6.9x from 5.9x as of the 12 months ended March 31, 2021. Our adjusted leverage ticks up since

...May 24, 2021 NEW YORK (S&P Global Ratings) May 24, 2021--S&P Global Ratings said today its issuer credit rating on BRP Group, Inc. ('B/Stable') remains unchanged following the company's announcement that it is issuing (through borrowing entity Baldwin Risk Partners, LLC) a proposed $100 million fungible add-on to its existing $400 million term loan due 2027. The company may also concurrently reprice these facilities. The existing 'B' issue rating and '3' (50%-70%; rounded estimate: 50%) recovery rating also remains unchanged. We expect BRP to use proceeds of the issuance primarily to fund future partnerships. Pro forma for the debt issuance, BRP's leverage increases modestly to 6.9x from 5.9x as of the 12 months ended March 31, 2021. Our adjusted leverage ticks up since we do not give credit for cash on the balance sheet, but it remains within rating tolerances and should come down as the company deploys the proceeds toward partnerships and continues its robust growth trajectory. Company-calculated...

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