R. Andrew Watts, Executive Vice President and Chief Financial Officer, noted, "We are very pleased to have secured this new credit facility, and we believe that its commercial and financial terms will help position us well for funding our acquisitions and future growth. We believe the significant level of interest to participate in the facility demonstrates the support we have from our banking partners and our strong financial position."
The facility is funded by a syndicate of financial institutions led by JPMorgan Chase Bank, N.A., as administrative agent and bookrunner. The other bookrunners on the facility are Bank of America, N.A., Royal Bank of Canada and SunTrust Bank. U.S. Bank is serving as a lead arranger on the facility. The Company was advised by Evercore Partners.
Funds will be drawn to finance the Wright Insurance Group acquisition, refinance certain existing indebtedness of the Company and for general corporate purposes, including the financing of future acquisitions. This facility also includes various covenants, limitations and events of default customary for similar facilities for similarly rated borrowers. Additional information is available in the Company's Current Report on Form 8-K, which will be filed with the SEC within four business days of the date of this release.
Brown & Brown, Inc. (the "Company"), through its licensed subsidiaries, offers a broad range of insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care, and Medicare set-aside services and programs. Providing service to business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary. The Company's Web address is www.bbinsurance.com .