Brown & Brown, Inc. (NYSE:BRO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
amended and restated credit agreement (the Amended and Restated
Credit Agreement) with the lenders named therein, JPMorgan Chase
Bank, N.A. as administrative agent, Bank of America, N.A., Royal
Bank of Canada, and SunTrust Bank as co-syndication agents, and
U.S. Bank National Association, BMO Harris Bank N.A., Fifth Third
Bank, Wells Fargo Bank, National Association, and PNC Bank,
National Association as co-documentation agents. The Amended and
Restated Credit Agreement amended and restated the credit
agreement dated April 17, 2014, among such parties (the Original
Credit Agreement).
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extends the applicable maturity date in respect of the
existing revolving credit facility (the Facility) in the amount of $800 million to June 28, 2022; |
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re-evidences the unsecured term loans in the amount of $400
million and extends the applicable maturity date in respect thereof to June 28, 2022; |
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includes various covenants, limitations and events of
default customary for similar facilities for similarly rated borrowers; and |
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makes certain other revisions to the Original Credit
Agreement. |
is $400 million outstanding under the Facility.
affiliates have various other relationships with the Company and
its subsidiaries involving the provision of financial services,
including cash management, loans, letter of credit and bank
guarantee facilities, investment banking and trust services.
Agreement is qualified in its entirety by reference to the
complete terms and conditions of the Amended and Restated Credit
Agreement, which will be filed as an exhibit to the Companys
Quarterly Report on Form 10-Q for its fiscal quarter ending June
30, 2017.
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
incorporated by reference into this Item 2.03.
About Brown & Brown, Inc. (NYSE:BRO)
Brown & Brown, Inc. is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services in the property, casualty and employee benefits areas. It provides customers with non-investment insurance contracts, as well as other targeted, customized risk management products and services. It operates through four segments: the Retail segment; the National Programs segment; the Wholesale Brokerage segment, and the Services segment. The Retail Segment provides a range of insurance products and services to commercial, public and quasi-public entities, and to professional and individual customers. Its National Programs Segment works with over 40 carrier partners, offering approximately 50 programs. Its Wholesale Brokerage segment markets and sells excess and surplus commercial insurance products and services to retail insurance agencies. Services Segment provides a range of insurance-related services.
