Baldwin Insurance issues $600M 7.125% notes, $840M term loan, refinances debt

Baldwin Insurance Group, Inc.

$600M 7.125% Senior Secured Notes due 2031 issued at par; semi-annual interest starting Nov 2024.
$840M new term loan facility (maturing 2031) issued at 99.75%; fully advanced at closing.
$600M new revolving credit facility (maturing 2029) established; no initial borrowings drawn.
Proceeds used to repay existing credit facilities, pay fees, settle contingent earnout liabilities.
Notes and term loan are senior secured, pari passu with new revolving facility; covenants limit debt and liens.

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