The Baldwin Group announced on October 6, 2024, that its subsidiary, The Baldwin Insurance Group Holdings, LLC, successfully received commitments to reprice its existing $837.9 million senior secured first lien term loan facility. Additionally, the company priced a $100 million incremental term B loan, increasing the aggregate principal amount of its term loan facility to $937.9 million.
The repriced Term Loan Facility will bear interest at term SOFR plus an applicable margin of 300 basis points, with a step-down to 275 basis points if the first lien net leverage ratio reaches 4.00x or below. This adjustment to the interest rate structure aims to optimize the company's borrowing costs.
The net proceeds from the $100 million Incremental Term Loan B are intended to settle contingent earnout liabilities as they become due, along with covering related fees, costs, expenses, and accrued interest. Any remaining proceeds will be allocated for general corporate purposes, providing the company with enhanced capital flexibility.
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