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Brown & Brown secures $300M loan, increases board size

Brown & Brown Inc. has secured a $300 million loan, repayable over five years from Dec. 21.

The interest rate is 1.25% above the adjusted one-month London Interbank Offered Rate. Lenders can upsize the loan to $450 million. The company used the borrowings to reduce indebtedness.

Wells Fargo Bank NA was administrative agent, while Bank of America NA, BMO Harris Bank NA and SunTrust Bank acted as co-syndication agents. Wells Fargo Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc., BMO Capital Markets Corp. and SunTrust Robinson Humphrey Inc. were joint lead arrangers and joint book runners.

Additionally, the Brown & Brown board of directors increased its size to 14 from 13 and appointed Lawrence Gellerstedt III as a director, effective immediately.

Gellerstedt has been chairman of the board and CEO of Cousins Properties Inc. since July 2017.