CRC Insurance Group Completes Tack-On Offering of Senior Secured Notes and Upsize of Term Loan and Revolver

Paul, Weiss advised CRC Insurance Group, a specialty insurance-focused wholesale broker and managing general agent owned by funds affiliated with Stone Point Capital and CD&R, in a $200 million tack-on offering of CRC’s existing 7.125% senior secured notes due 2031. Concurrently with the issuance of the additional notes, CRC entered into an amendment to its existing first lien credit agreement providing for a $300 million upsize of its first lien term loan facility and a $40 million upsize of its revolving credit facility. The net proceeds of the offering of the additional notes and the term loan upsize will be used, together with cash on hand, to repay borrowings under the company’s revolving credit facility, and to pay fees and expenses in connection with the financing transactions.

The Paul, Weiss team was led by corporate partners Luke Jennings and Ben Steadman and included partners Eric Wedel, Timothy Cruickshank and Caroline Epstein; and tax partner Robert Holo and counsel Samir Kurani.