M
ME NEWS
24 Jun 2025, 15:14
Brown & Brown Raises $4.2 Billion Through Multi-Tranche Senior Notes Offering to Support RSC Acquisition
Brown & Brown, Inc. has successfully completed a multi-tranche senior notes offering totaling $4.2 billion in net proceeds. The company issued six series of senior unsecured notes with maturities ranging from 2026 to 2055 and coupon rates between 4.600% and 6.250%.
The issuance includes:
$400 million of 4.600% Notes due 2026
$500 million of 4.700% Notes due 2028
$800 million of 4.900% Notes due 2030
$500 million of 5.250% Notes due 2032
$1 billion of 5.550% Notes due 2035
$1 billion of 6.250% Notes due 2055
Proceeds from the offering, along with funds from a recently announced $2 billion equity sale and cash on hand, will be used to finance the acquisition of RSC Topco, Inc. If the transaction fails to close by the designated outside date, the company is required to redeem five of the six notes series at 101% of their principal value. The 2035 notes are not subject to this mandatory redemption.
The notes were issued under Brown & Brown’s existing shelf registration and are governed by an indenture that includes customary covenants and change-of-control protections.
Brown & Brown, Inc. has successfully completed a multi-tranche senior notes offering totaling $4.2 billion in net proceeds. The company issued six series of senior unsecured notes with maturities ranging from 2026 to 2055 and coupon rates between 4.600% and 6.250%.
The issuance includes:
$400 million of 4.600% Notes due 2026
$500 million of 4.700% Notes due 2028
$800 million of 4.900% Notes due 2030
$500 million of 5.250% Notes due 2032
$1 billion of 5.550% Notes due 2035
$1 billion of 6.250% Notes due 2055
Proceeds from the offering, along with funds from a recently announced $2 billion equity sale and cash on hand, will be used to finance the acquisition of RSC Topco, Inc. If the transaction fails to close by the designated outside date, the company is required to redeem five of the six notes series at 101% of their principal value. The 2035 notes are not subject to this mandatory redemption.
The notes were issued under Brown & Brown’s existing shelf registration and are governed by an indenture that includes customary covenants and change-of-control protections.
