BRP Group, Inc., a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, announced that its subsidiary Baldwin Risk Partners, LLC (BRP LLC) has amended its senior revolving credit facility, effective immediately, to increase the committed line under the credit facility to $300 million, up $75 million from its previous amount of $225 million.

“Driven by both our continued success in signing LOIs, as well as being thoughtful regarding the current macro environment, we converted the accordion feature under our revolving credit facility into a full commitment. As a result, we are now able to access an additional $75 million of capital to further capitalize on potential Partnership opportunities in 2020 and beyond,” said Kris Wiebeck, Chief Financial Officer of BRP Group. “As of today, we have over $280 million in cash and revolver capacity to execute on our strategic plan.”

Borrowings under the amended credit facility continue to accrue interest on amounts drawn at LIBOR plus 200 basis points (“bps”). Interest rates are based on BRP LLC’s total net leverage ratio, but are capped at LIBOR plus 300 bps.

JPMorgan acted as sole bookrunner and lead arranger and will continue to serve as administrative agent and lender under the revolving credit facility, while Wells Fargo, Bank of America, Cadence Bank and Wintrust Financial will continue to serve as additional lenders.