Bulletin: The Baldwin Insurance Group Inc.'s Credit Metrics Can Absorb Proposed Term Loan Add-On

This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Dec. 3, 2025--S&P Global Ratings today said that The Baldwin Insurance Group Inc. ?s (B/Stable/--) credit metrics will be able to absorb the company?s proposed $450 million fungible add-on to its $1.0 billion first-lien term loan due 2031. We expect the company to use these proceeds, along with $114 million of revolver borrowings, $250 million of deferred earnout payments, and a material amount of equity, to help finance the acquisition of CAC Group and other signed deals in the pipeline. Pro forma the proposed transaction and including the full-year effects of these acquisitions, we estimate S&P Global Ratings-adjusted leverage of 6.9x and EBITDA interest coverage of 2.3x

...December 3, 2025 This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Dec. 3, 2025--S&P Global Ratings today said that The Baldwin Insurance Group Inc.'s (B/Stable/--) credit metrics will be able to absorb the company's proposed $450 million fungible add-on to its $1.0 billion first-lien term loan due 2031. We expect the company to use these proceeds, along with $114 million of revolver borrowings, $250 million of deferred earnout payments, and a material amount of equity, to help finance the acquisition of CAC Group and other signed deals in the pipeline. Pro forma the proposed transaction and including the full-year effects of these acquisitions, we estimate S&P Global Ratings-adjusted leverage of 6.9x and EBITDA interest coverage of 2.3x for the 12 months ended Sept. 30, 2025. While leverage is modestly elevated relative to our previous forecasts, this is partly due to the expected $250 million of earnout obligations, which we view as debt. Furthermore, leverage...

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