Brown & Brown Expands Credit Facility to $1.25 Billion

MT Newswires Live06-08 19:00

Brown & Brown (BRO) said Friday it entered into an amended and restated credit agreement that increases its revolving credit facility to $1.25 billion from $800 million

The insurance brokerage said the new agreement includes a $250 million Term A-1 loan maturing in June 2029 and a $250 million Term A-2 loan maturing in June 2031.

The expanded revolving credit facility will also mature on June 5, 2031, extending the maturity date from the prior agreement, it said.

Brown & Brown said the new facility replaces and restates its existing credit agreement signed in October 2021. The agreement, it said, includes customary covenants, limitations and events of default for borrowers with similar credit ratings.

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