11:09 AM EDT, 05/08/2024 (MT Newswires) -- Baldwin Insurance Group ( BRP ) said Wednesday its direct unit Baldwin Insurance Group Holdings is offering $500 million of senior secured notes due 2031.

Baldwin said it intends to used net proceeds from the offering, along with borrowings under its proposed new term loan facility and cash on hand, to repay about about $996.2 million under its existing term loan facility and about $351 million under its existing revolving facility.

Baldwin shares were up 13.3% in recent trading.

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