Baldwin Group, Inc. (NASDAQ: BWIN) has priced a $600 million incremental add‑on to its existing Term Loan B facility, raising the total outstanding amount to $1.601 billion. The new tranche carries the same interest rate and maturity as the existing facility, with a fixed rate of 4.75% and a maturity date of May 24, 2031.
The proceeds will be allocated to pay down the company’s revolving credit facility, provide cash consideration for the pending acquisition of the CAC Group, and support general corporate purposes. The CAC Group deal, valued at approximately $1.03 billion, is expected to close in the first quarter of 2026 and will create a larger, more diversified insurance distribution platform.
The financing increases Baldwin’s total debt to $1.72 billion and raises its debt‑to‑equity ratio to 2.78, according to the most recent quarterly filing. The incremental loan brings the company’s leverage ratio to roughly 5.8 times earnings, a level that management has been actively working to reduce through strategic acquisitions and cost discipline.
Baldwin’s 3B30 Catalyst program, a key growth initiative, will benefit from the additional liquidity. The program aims to accelerate operating leverage and enhance growth through both organic expansion and targeted M&A. The new term loan also supports the company’s potential share‑buyback plans, which have been discussed as a way to return value to shareholders once the debt profile improves.
Industry analysts note that the insurance brokerage sector is experiencing consolidation, and Baldwin’s move aligns with a broader trend of building scale to compete for larger, cross‑border deals. The financing signals management’s confidence in the CAC Group merger and the 3B30 Catalyst program, while also providing a buffer to manage short‑term liquidity needs and maintain a strong balance sheet.
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