Trucordia has concluded a debt refinancing course of that’s anticipated to enhance its capital construction and assist its ongoing progress technique.
The refinancing coincides with a $1.3bn funding from the Carlyle Group, introduced earlier this month.
The funding from Carlyle is meant to offer Trucordia with the required monetary flexibility to pursue quite a lot of strategic initiatives and to permit for the repurchase of fairness from present minority shareholders, thus simplifying the corporate’s governance.
The refinancing features a $1.94bn first lien time period mortgage B and a $548m second lien time period mortgage B, organized with Blue Owl Capital.
Moreover, Trucordia has organized a $400m revolving credit score facility to assist its future funding plans.
The proceeds from this refinancing will likely be used to interchange the corporate’s present “unitranche” debt.
Trucordia CEO Felix Morgan mentioned: “These transactions are transformative for Trucordia, creating new monetary and governance constructions that can assist the corporate’s continued progress.
“They mirror each the numerous work we have now finished within the final 4 years to construct the nation’s subsequent nice insurance coverage brokerage and the boldness in our technique to speed up our success.”
JPMorgan Chase acted because the monetary advisor for the refinancing and also will function the executive agent for the revolving credit score facility.
Authorized recommendation was offered by Orrick to Trucordia.
Within the first half of 2025, Trucordia accomplished 5 strategic acquisitions and carried out a brand new platform working mannequin to attain economies of scale.
