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TAMPA, Fla., December 13, 2024--(BUSINESS WIRE)--The Baldwin Group, the brand name for The Baldwin Insurance Group, Inc. ("Baldwin," "we" or "our") (NASDAQ: BWIN), an independent insurance distribution firm delivering tailored insurance solutions to a wide range of personal and commercial Clients, today announced that its subsidiary, The Baldwin Insurance Group Holdings, LLC ("Baldwin Holdings"), successfully received commitments from lenders to (i) reprice its existing $837.9 million senior secured first lien term loan facility maturing on May 24, 2031 (the "Existing Term Loan Facility") and (ii) enter into an incremental term loan facility amendment to its existing credit agreement (the "Credit Agreement") pursuant to which Baldwin Holdings is expected to borrow $100 million of incremental term B loans (the "Incremental Term Loan B"; the Incremental Term Loan B together with the Existing Term Loan Facility, the "Term Loan Facility") under the Credit Agreement, which would increase the aggregate principal amount of its Existing Term Loan Facility from $837.9 million to $937.9 million.
The Term Loan Facility will bear interest at term SOFR, plus an applicable margin of 300 bps, with a margin step-down to 275 bps at a first lien net leverage ratio of 4.00x or below. The Incremental Term Loan B will have the same terms as the Existing Term Loan Facility, including, for the avoidance of doubt, the same maturity date. We expect the repricing of the Existing Term Loan Facility and the incurrence of the Incremental Term Loan B to close on January 10, 2025, subject to customary closing conditions, including the finalization and execution of definitive documentation.
Baldwin Holdings intends to use the net proceeds from Incremental Term Loan B to settle its contingent earnout liabilities as they become due and to pay related fees, costs, expenses and accrued interest, and any remaining proceeds for general corporate purposes.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, any securities in any jurisdiction in which such offer, solicitation or sale is unlawful.
ABOUT THE BALDWIN GROUP
The Baldwin Group, the brand name for The Baldwin Insurance Group, Inc. (NASDAQ: BWIN) and its affiliates, is an independent insurance distribution firm providing indispensable expertise and insights that strive to give our Clients the confidence to pursue their purpose, passion, and dreams. As a team of dedicated entrepreneurs and insurance professionals, we have come together to help protect the possible for our Clients. We do this by delivering bespoke Client solutions, services, and innovation through our comprehensive and tailored approach to risk management, insurance, and employee benefits. We support our Clients, Colleagues, Insurance Company Partners, and communities through the deployment of vanguard resources and capital to drive our organic and inorganic growth. The Baldwin Group proudly represents more than two million Clients across the United States and internationally. For more information, please visit www.baldwin.com.