The Baldwin Group Announces $500 Million Offering of Senior Secured Notes due 2031
The Baldwin Group, the go-to-market brand name for The Baldwin Insurance Group, Inc., announced a $500 million offering of senior secured notes due 2031 through its subsidiary Baldwin Holdings. The proceeds will be used to refinance existing debt and for general corporate purposes. The offering is subject to market conditions and lender commitments.
The offering of senior secured notes will provide Baldwin Holdings with funds to repay existing debt, improving its financial position.
The notes will be guaranteed by Baldwin Holdings' material domestic wholly-owned subsidiaries, providing additional security to investors.
The issuance of notes and the new credit facilities are subject to market conditions, lender commitments, and regulatory approvals, posing potential risks if not completed as planned.
The notes will not be registered under the Securities Act or state securities laws, limiting their availability for sale in the United States.
The notes will be guaranteed by each of Baldwin Holdings’ material domestic wholly-owned subsidiaries that are expected to guarantee Baldwin Holdings’ new credit facilities, which Baldwin Holdings intends to enter into substantially concurrently with the issuance of the notes. The notes will be senior secured obligations and will be secured on a first-priority lien basis by all of the assets of Baldwin Holdings, the co-issuer and the guarantors that are expected to secure indebtedness under Baldwin Holdings’ new credit facilities.
Baldwin Holdings intends to use the net proceeds from the issuance of the notes, together with borrowings under its proposed new term loan facility that was also announced today and cash on hand, to repay in full the entire outstanding amount, or approximately
The notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and only to non-
This press release is neither an offer to sell nor a solicitation of an offer to buy the notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering is made only by, and pursuant to, the terms set forth in the related offering memorandum. The offering is not being made to persons in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.
ABOUT THE BALDWIN GROUP
The Baldwin Group, the go-to-market brand name for The Baldwin Insurance Group, Inc. (NASDAQ: BRP) 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
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent our expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address our future operating, financial or business performance or our strategies, expectations, anticipated achievements or ability to raise or refinance debt. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “outlook” or “continue,” or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, those described under the caption “Risk Factors” in Baldwin’s Annual Report on Form 10-K for the year ended December 31, 2023 and the offering memorandum for this offering, and in Baldwin’s other filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507529427/en/
MEDIA RELATIONS
Anna Rozenich, Senior Director, Enterprise Communications
The Baldwin Group
630.561.5907 | Anna.rozenich@baldwin.com
INVESTOR RELATIONS
Bonnie Bishop, Executive Director, Investor Relations
The Baldwin Group
813.259.8032 | IR@baldwin.com
Source: The Baldwin Group
FAQ
What is the purpose of The Baldwin Group's $500 million offering?
Who will guarantee the proposed senior secured notes?
How will the net proceeds from the notes issuance be used?
What are the conditions for the issuance of the notes?