Daytona Beach, Fla.-based insurance broker Brown & Brown Inc. said it has entered into a credit agreement to borrow up to $200 million over the next three years.
The credit facility will allow the broker to borrow the money for a term of up to 10 years at a fixed rate of interest based on the Treasury rates available at the time of borrowing plus an applicable credit spread.
Brown & Brown said that under the plan it would initially borrow $25 million represented by unsecured senior notes issued through a private placement. The notes will bear interest at an annual fixed rate of 5.66 percent and will mature in 2016.
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