10:11 AM EDT, 09/10/2024 (MT Newswires) -- Ryan Specialty ( RYAN ) said Tuesday its Ryan Specialty LLC indirect subsidiary agreed with lenders to refinance a term loan and increase the size to $1.7 billion, subject to closing conditions.

Proceeds of the loan will be used to decrease outstanding borrowings under Ryan Specialty LLC's revolving credit facility, the company said.

The loan will bear an interest rate of SOFR plus 2.25%, which is an improvement of 50 basis points from the previous terms, the company said. The maturity date is expected to be extended to 2031.

Closing of the loan is expected Friday.

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