Baldwin Insurance Upsizes Offering to $600M

The Baldwin Group, known as the go-to-market brand name for the Baldwin Insurance Group, Inc., has announced the pricing of a $600 million offering of senior secured notes due 2031, representing an upsize from the previously announced $500 million. The notes will bear interest at a rate of 7.125% per annum and will mature on May 15, 2031.

The net proceeds from the issuance of the notes, together with borrowings under its proposed new term loan facility and cash on hand, will be used to repay in full the outstanding amounts of borrowings under its existing credit facilities, settle contingent earnout liabilities as they become due, and pay related fees, costs, expenses, and accrued interest. Any remaining proceeds will be used for general corporate purposes.

The notes are expected to be issued on or about May 24, 2024, subject to customary closing conditions. The closing of the proposed new credit facilities and the terms thereof are subject to obtaining lender commitments and market and other conditions.

The notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended, and outside the United States, only to non-U.S. investors pursuant to Regulation S.

The Baldwin Group represents more than two million clients across the United States and internationally, providing independent insurance distribution and expertise to support clients' risk management, insurance, and employee benefits needs. The market has reacted to these announcements by moving the company's shares 7.8% to a price of $32.17. Check out the company's full 8-K submission here.

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