Navacord completes C$1.05 billion financing
Canadian insurance and risk management brokerage Navacord has completed a C$1.05 billion financing. Under the terms of the completed transaction, Navacord will use the proceeds from new first and second lien term loans to replace its previous term loan and other debt. Additionally, Navacord plans to use the proceeds to fund near-term M&A opportunities and other strategic growth activities and return capital to its employee shareholders.
“We are very pleased to announce this financing event, and we would like to thank our existing and new lenders for their support. The enhanced capacity and flexibility this transaction provides are testament to the resiliency and growth of our business and the future opportunities before us.” – Shawn DeSantis, Co-Founder, President and CEO of Navacord.
“We look forward to continuing to build our business in partnership with our shareholders and lenders and in service to our clients and underwriter relationships. Navacord is focused on building the Great Canadian Brokerage, and this transaction positions us well to execute that plan over the coming years.” – T. Marshall Sadd, Co-Founder and Executive Chairman of Navacord.