BRP’s Baldwin Risk lifts revolving credit facility to $400 million

By Sarah Lizee

Olympia, Wash., June 18 – BRP Group, Inc. subsidiary Baldwin Risk Partners, LLC amended its senior revolving credit facility to increase the committed line under the credit facility to $400 million from $300 million, according to a press release.

As part of the expanded credit facility, Capital One joined the group of original lenders as a co-documentation agent. The bank group is led by JPMorgan as bookrunner, lead arranger, administrative agent and lender, Wells Fargo and Bank of America as co-syndication agents, Cadence Bank as the other co-documentation agent and Wintrust Financial. Each of the original lenders is maintaining or increasing its commitment under the revolver.

As of Thursday, the company had about roughly $200 million in unrestricted cash and revolver capacity.

There was no change to interest rates, as borrowings under the amended credit facility accrue interest on amounts drawn at Libor plus 200 basis points to 300 bps based on BRP’s total net leverage ratio. The maturity date of the revolver remains Sept. 23, 2024.

BRP is a Valcourt, Quebec-based designer, manufacturer, distributor and marketer of motorized recreational vehicles and powersports engines.

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