8-KFinancial Events

BROWN & BROWN, INC. 8-K Report, Financial Obligation (Sep 21, 2011)

Filed September 21, 2011For Securities:BRO

Summary

Brown & Brown, Inc. (BRO) has filed an 8-K report on September 21, 2011, detailing a significant financing event. On September 15, 2011, the company successfully issued $100,000,000 in Series E Senior Notes due September 15, 2018. These notes were purchased by accounts managed by Prudential Investment Management, Inc. and its affiliates. The issuance of these senior unsecured notes at a fixed interest rate of 4.50% represents a strategic move by Brown & Brown to secure long-term funding. Investors should note that these notes are governed by the terms of a Master Shelf and Note Purchase Agreement previously established with Prudential, which includes various conditions, covenants, limitations, and events of default. This transaction underscores the company's access to capital markets and its commitment to managing its debt structure.

Key Highlights

  • 1Issuance of $100,000,000 in Series E Senior Notes.
  • 2Notes mature on September 15, 2018.
  • 3Fixed interest rate of 4.50% on the Series E Senior Notes.
  • 4The notes are unsecured and senior in nature.
  • 5Financing obtained from Prudential Investment Management, Inc. and its affiliates.
  • 6The issuance was completed on September 15, 2011.
  • 7Terms and conditions are governed by the Master Shelf and Note Purchase Agreement dated December 22, 2006.

Frequently Asked Questions

This 8-K filing primarily reports the creation of a direct financial obligation by Brown & Brown, Inc., specifically the issuance of $100,000,000 in Series E Senior Notes.

The Series E Senior Notes were purchased by one or more accounts managed by Prudential Investment Management, Inc. and certain of its affiliates.

The Series E Senior Notes carry a fixed interest rate of 4.50% and mature on September 15, 2018.

Yes, the Series E Senior Notes are subject to the conditions, covenants, limitations, and events of default outlined in the Master Shelf and Note Purchase Agreement between Brown & Brown, Inc. and Prudential and its affiliates.