The Baldwin Group Announces Successful Pricing of $600 Million Incremental Term Loan B Add-On

Key Terms

incremental term loan facility financial

An incremental term loan facility is an additional fixed‑repayment loan added to a company’s existing long‑term debt package, like taking out a second mortgage on a house to pay for a new project. It matters to investors because it increases the company’s total debt, interest obligations and potential risk profile, and can affect credit terms and future earnings — in short, it changes how risky and costly the business may be going forward.

term b loans financial

Term B loans are large, longer‑dated bank loans made to companies, often used to fund big acquisitions or refinance existing debt; think of them as a long-term mortgage a company takes out but sold to a group of institutional investors rather than kept by one bank. They matter to investors because they usually pay higher interest than plain corporate bonds and are widely traded by funds, so changes in demand, credit quality or interest rates can affect the value and yield of these loans in a portfolio.

credit agreement financial

A credit agreement is a written loan contract between a borrower and a bank or other lender that lays out how much money can be borrowed, the interest rate, repayment schedule, fees, and the rules the borrower must follow. For investors, it matters because those terms affect a company’s cash costs, borrowing flexibility and risk of default — similar to how a mortgage’s rules determine a homeowner’s monthly budget and freedom to make changes.

revolving credit facility financial

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

TAMPA, Fla.--(BUSINESS WIRE)-- The Baldwin Group, the brand name for The Baldwin Insurance Group, Inc. (“Baldwin,” “we” or “our”) (NASDAQ: BWIN), an independent insurance distribution firm delivering tailored insurance solutions to a wide range of personal and commercial Clients, today announced that its subsidiary, The Baldwin Insurance Group Holdings, LLC (“Baldwin Holdings”), successfully received commitments from lenders to enter into an incremental term loan facility amendment to its existing credit agreement (the “Credit Agreement”) pursuant to which Baldwin Holdings is expected to borrow $600 million of incremental term B loans (the “Incremental Term Loan B”) under the Credit Agreement (representing an upsize from the original $450 million launch as a result of significant investor demand), which would increase the aggregate principal amount of its existing term loan facility maturing on May 24, 2031 (the “Existing Term Loan Facility”) from $1.001 billion to $1.601 billion at the time of closing.

The Incremental Term Loan B will have the same terms as the Existing Term Loan Facility, including, for the avoidance of doubt, the same interest rates and maturity date. We expect the incurrence of the Incremental Term Loan B to close during the first quarter of 2026, subject to customary closing conditions, including the finalization and execution of definitive documentation.

Baldwin Holdings intends to use the net proceeds from the Incremental Term Loan B to pay down outstanding borrowings under its revolving credit facility, for cash consideration in connection with pending acquisitions, including Baldwin’s recently announced acquisition of the CAC Group, and any remaining proceeds for general corporate purposes.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, any securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

ABOUT THE BALDWIN GROUP

The Baldwin Group, the brand name for The Baldwin Insurance Group, Inc. (NASDAQ: BWIN) 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 three million clients across the United States and internationally. For more information, please visit www.baldwin.com.

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 The Baldwin Group’s 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 The Baldwin Group’s 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, 2024 and in Baldwin’s other filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available free of charge on the SEC’s website at: www.sec.gov, including those risks and other factors relevant to the business, financial condition and results of operations of Baldwin, the risk that we will not be able to incur the transactions described herein in a timely manner, and the risk that we will be unable to satisfy the conditions to the closing of the transactions described herein. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to The Baldwin Group or to persons acting on behalf of The Baldwin Group are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Baldwin does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

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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