The Liberty Company announces $340 million credit facility offering
The Liberty Company Insurance Brokers, “one of America’s fastest-growing privately held insurance brokerages,” announced the completion of its $340 million refinancing transaction.
This transaction, which is comprised of a $30 million revolving credit facility, a $180 million term loan and a $130 million delayed-draw term loan, refinances the company’s existing debt and positions the organization to capitalize on long-term growth opportunities. J.P. Morgan, Fifth Third Bank, and Royal Bank of Canada were the joint lead arrangers, with J.P. Morgan serving as administrative agent. Additionally, Bank of America, Citibank, TD Bank, and InsurBanc are also lenders in the facility.
In 2022, Liberty achieved a 47% organic growth rate in addition to completing 37 acquisitions. This combination fueled growth of its revenues from $54 million to $149 million during the year, while allowing its EBITDA to debt leverage to remain at 3.5x.
In addition to M&A activity, Liberty intends to use this capital to continue to build out its resources to drive more organic growth through its practice groups and industry specializations, MGA/Program offerings, employee benefit and human capital management resources, risk management services and other initiatives.
“Liberty’s offering was oversubscribed in today’s challenging credit environment and that is a strong demonstration of the market’s confidence in Liberty’s business, trajectory and the remarkable organic and inorganic growth that our organization has experienced over the past few years.” – Liberty’s CFO Bernadetta Scholz.