Brown & Brown (BRO) issues $4.2B notes to fund RSC acquisition

Q: How much did Brown & Brown (BRO) raise in the June 2025 notes offering?

The company raised $4.2 billion in aggregate principal amount across six senior note tranches.

Q: What are the interest rates and maturities of the new BRO notes?

Coupons range from 4.600% (2026) to 6.250% (2055), with maturities in 2026, 2028, 2030, 2032, 2035 and 2055.

[8-K] Brown & Brown, Inc. Reports Material Event

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Brown & Brown, Inc. (NYSE: BRO) disclosed in an 8-K that it completed a $4.2 billion multi-tranche senior notes offering on 23 June 2025.

The company sold six series of unsecured notes: $400 MM 4.600% due 2026, $500 MM 4.700% due 2028, $800 MM 4.900% due 2030, $500 MM 5.250% due 2032, $1.0 BN 5.550% due 2035 and $1.0 BN 6.250% due 2055. Interest is payable semi-annually every 23 June and 23 December, beginning 23 Dec 2025.

Use of proceeds: together with cash and the previously announced equity sale of 43,137,254 shares, the funds will finance the cash consideration for the pending acquisition of RSC Topco, Inc. and related fees. If the merger is not consummated by the contractual outside date, the company must redeem the 2026, 2028, 2030, 2032 and 2055 notes at 101% of par plus accrued interest (the 2035 notes are excluded from this mandatory redemption).

The notes were issued under the company鈥檚 existing shelf (S-3 333-271708) and rank pari passu with all other senior unsecured debt. The governing indenture restricts the incurrence of secured debt, significant asset transfers, and contains a change-of-control put. Optional redemption is allowed subject to make-whole premiums defined in the prospectus supplement. Holland & Knight LLP provided the legality opinion.

Completion of this financing secures long-term, fixed-rate capital for the RSC transaction and extends BRO鈥檚 debt maturity profile to 2055, albeit at coupons that reflect the current higher-rate environment and will increase the company鈥檚 leverage and interest expense.

Brown & Brown, Inc. (NYSE: BRO) ha comunicato tramite un modulo 8-K di aver completato un'offerta multi-tranche di obbligazioni senior per un valore complessivo di 4,2 miliardi di dollari il 23 giugno 2025.

L'azienda ha emesso sei serie di obbligazioni non garantite: 400 milioni di dollari al 4,600% con scadenza 2026, 500 milioni al 4,700% con scadenza 2028, 800 milioni al 4,900% con scadenza 2030, 500 milioni al 5,250% con scadenza 2032, 1 miliardo al 5,550% con scadenza 2035 e 1 miliardo al 6,250% con scadenza 2055. Gli interessi saranno pagati semestralmente il 23 giugno e il 23 dicembre, a partire dal 23 dicembre 2025.

Utilizzo dei proventi: insieme alla liquidit脿 disponibile e alla vendita azionaria precedentemente annunciata di 43.137.254 azioni, i fondi serviranno a finanziare il corrispettivo in contanti per l'acquisizione in corso di RSC Topco, Inc. e le relative spese. Qualora la fusione non venga completata entro la data contrattuale, la societ脿 sar脿 obbligata a rimborsare le obbligazioni 2026, 2028, 2030, 2032 e 2055 al 101% del valore nominale pi霉 gli interessi maturati (le obbligazioni 2035 sono escluse da questo rimborso obbligatorio).

Le obbligazioni sono state emesse nell'ambito dello shelf registration esistente della societ脿 (S-3 333-271708) e hanno pari rango rispetto a tutti gli altri debiti senior non garantiti. L'atto costitutivo regolatore limita l'assunzione di debito garantito, trasferimenti significativi di asset e include una clausola put in caso di cambio di controllo. 脠 prevista la possibilit脿 di rimborso opzionale con premi make-whole definiti nel prospetto supplementare. Holland & Knight LLP ha fornito il parere legale.

Il completamento di questo finanziamento garantisce capitale a lungo termine a tasso fisso per la transazione RSC e prolunga il profilo di scadenza del debito di BRO fino al 2055, sebbene con cedole che riflettono il contesto attuale di tassi pi霉 elevati, aumentando cos矛 la leva finanziaria e le spese per interessi della societ脿.

Brown & Brown, Inc. (NYSE: BRO)電� 2025雲� 6鞗� 23鞚检棎齑� 42鞏� 雼煬 攴滊鞚� 雼れ 韸鸽灉旃� 靹犾垳鞙� 毂勱秾氚滍枆鞚� 鞕勲頄堧嫟瓿� 8-K 氤搓碃靹滌棎靹� 瓿奠嫓頄堨姷雼堧嫟.

須岇偓電� 6臧� 鞁滊Μ歃堨潣氍措嫶氤� 毂勱秾鞚� 氚滍枆頄堨姷雼堧嫟: 2026雲� 毵岅赴 4.600% 4鞏� 雼煬, 2028雲� 毵岅赴 4.700% 5鞏� 雼煬, 2030雲� 毵岅赴 4.900% 8鞏� 雼煬, 2032雲� 毵岅赴 5.250% 5鞏� 雼煬, 2035雲� 毵岅赴 5.550% 10鞏� 雼煬, 2055雲� 毵岅赴 6.250% 10鞏� 雼煬. 鞚挫瀽電� 2025雲� 12鞗� 23鞚茧秬韯� 鞁滌瀾頃橃棳毵る厔 6鞗� 23鞚缄臣 12鞗� 23鞚检棎氚橁赴氤勲 歆€旮夒惄雼堧嫟.

鞛愱笀靷毄氇╈爜: 旮办〈順勱笀瓿� 鞚挫爠鞐� 瓿奠嫓霅� 43,137,254欤� 欤检嫕毵り皝瓿� 頃粯, 鞚措矆鞛愱笀鞚€ 歆勴枆欷戩澑 RSC Topco, Inc. 鞚胳垬鞚� 順勱笀雽€臧€ 氚� 甏€霠� 靾橃垬耄岆ゼ於╇嫻頃橂姅雿� 靷毄霅╇媹雼�. 瓿勳暯靸� 毵堦皭鞚� 鞚挫爠鞐� 頃╇硲鞚� 鞕勲霅橃 鞎婌潉瓴届毎, 須岇偓電� 2026, 2028, 2030, 2032, 2055雲� 毂勱秾鞚� 鞎‰┐臧€鞚� 101%鞕€ 氙胳旮� 鞚挫瀽毳� 韽暔頃橃棳靸來櫂頃挫暭頃橂┌(2035雲� 毂勱秾鞚€ 鞚橂 靸來櫂雽€靸侅棎靹� 鞝滌櫢霅╇媹雼�).

毂勱秾鞚€ 須岇偓鞚� 旮办〈靺疙攧霌彪(S-3 333-271708) 頃橃棎氚滍枆霅橃棃鞙茧┌, 雼るジ氇摖靹犾垳鞙� 氍措嫶氤� 攵€毂勳檧霃欕摫頃� 靾滌渼毳� 臧€歆戨媹雼�. 甏€霠� 瓿勳暯靹滊姅雼措炒攵€毂� 氚滌儩鞝滍暅, 欤检殧鞛愳偘鞚挫爠鞝滍暅, 歆€氚瓣秾氤€瓴� 鞁� 頀嬱樀靺� 臁绊暛鞚� 韽暔頃橁碃鞛堨姷雼堧嫟. 靹犿儩鞝� 靸來櫂鞚€ 歃濌秾靹る獏靹� 氤挫订靹滌棎鞝曥潣霅� 氅旍澊韥檧頂勲Μ氙胳梽臁瓣贝頃橃棎項堨毄霅╇媹雼�. 氩曤 鞚橁铂鞚€ Holland & Knight LLP臧€ 鞝滉车頄堨姷雼堧嫟.

鞚措矆鞛愱笀臁半嫭鞕勲搿� RSC 瓯半灅毳� 鞙勴暅鞛リ赴瓿犾爼旮堧Μ 鞛愲掣鞚� 頇曤炒霅橃棃鞙茧┌, BRO鞚� 攵€毂� 毵岅赴甑“臧€ 2055雲勱箤歆€ 鞐办灔霅橃棃鞀惦媹雼�. 雼る, 順勳灛鞚� 瓿犼笀毽� 頇橁步鞚� 氚橃榿頃� 炜犿彴鞙茧 鞚疙暣須岇偓鞚� 霠堧矂毽鞕€ 鞚挫瀽牍勳毄鞚� 歃濌皜頃� 鞝勲鞛呺媹雼�.

Brown & Brown, Inc. (NYSE : BRO) a annonc茅 dans un formulaire 8-K avoir finalis茅 une 茅mission d'obligations senior multi-tranches d'un montant total de 4,2 milliards de dollars le 23 juin 2025.

La soci茅t茅 a 茅mis six s茅ries d'obligations non garanties : 400 millions de dollars 脿 4,600 % 茅ch茅ant en 2026, 500 millions 脿 4,700 % 茅ch茅ant en 2028, 800 millions 脿 4,900 % 茅ch茅ant en 2030, 500 millions 脿 5,250 % 茅ch茅ant en 2032, 1 milliard 脿 5,550 % 茅ch茅ant en 2035 et 1 milliard 脿 6,250 % 茅ch茅ant en 2055. Les int茅r锚ts seront payables semestriellement les 23 juin et 23 d茅cembre, 脿 partir du 23 d茅cembre 2025.

Utilisation des fonds : avec les liquidit茅s disponibles et la vente d'actions pr茅c茅demment annonc茅e de 43 137 254 titres, les fonds serviront 脿 financer le paiement en esp猫ces pour l'acquisition en cours de RSC Topco, Inc. et les frais associ茅s. Si la fusion n'est pas finalis茅e avant la date contractuelle limite, la soci茅t茅 devra racheter les obligations 2026, 2028, 2030, 2032 et 2055 脿 101 % de leur valeur nominale plus les int茅r锚ts courus (les obligations 2035 sont exclues de ce rachat obligatoire).

Les obligations ont 茅t茅茅mises dans le cadre du shelf registration existant de la soci茅t茅 (S-3 333-271708) et sont au m锚me rang que toutes les autres dettes senior non garanties. L'acte de base limite l'茅mission de dettes garanties, les transferts d'actifs significatifs, et inclut une clause de put en cas de changement de contr么le. Un remboursement optionnel est autoris茅 sous r茅serve de primes make-whole d茅finies dans le suppl茅ment de prospectus. Holland & Knight LLP a fourni l'avis juridique.

La finalisation de ce financement assure un capital 脿 taux fixe 脿 long terme pour la transaction RSC et prolonge le profil d'茅ch茅ance de la dette de BRO jusqu'en 2055, bien que les coupons refl猫tent le contexte actuel de taux plus 茅lev茅s, ce qui augmentera l'effet de levier et les charges d'int茅r锚ts de la soci茅t茅.

Brown & Brown, Inc. (NYSE: BRO) gab in einem 8-K-Bericht bekannt, dass am 23. Juni 2025 eine mehrstufige Senior-Notes-Emission in H枚he von 4,2 Milliarden US-Dollar abgeschlossen wurde.

Das Unternehmen verkaufte sechs Serien unbesicherter Anleihen: 400 Mio. USD mit 4,600 % Zinsen f盲llig 2026, 500 Mio. USD mit 4,700 % f盲llig 2028, 800 Mio. USD mit 4,900 % f盲llig 2030, 500 Mio. USD mit 5,250 % f盲llig 2032, 1 Mrd. USD mit 5,550 % f盲llig 2035 und 1 Mrd. USD mit 6,250 % f盲llig 2055. Die Zinsen werden halbj盲hrlich jeweils am 23. Juni und 23. Dezember gezahlt, beginnend am 23. Dezember 2025.

Verwendung der Erl枚se: Zusammen mit Bargeld und dem zuvor angek眉ndigten Aktienverkauf von 43.137.254 Aktien dienen die Mittel zur Finanzierung der Barzahlung f眉r die ausstehende 脺bernahme von RSC Topco, Inc. sowie der damit verbundenen Geb眉hren. Sollte die Fusion bis zum vertraglich festgelegten Au脽entermin nicht vollzogen werden, muss das Unternehmen die Anleihen 2026, 2028, 2030, 2032 und 2055 zu 101 % des Nennwerts zuz眉glich aufgelaufener Zinsen zur眉ckkaufen (die Anleihen 2035 sind von dieser Pflicht ausgenommen).

Die Anleihen wurden im Rahmen des bestehenden Shelf-Registrierungsprospekts der Gesellschaft (S-3 333-271708) emittiert und stehen im Rang gleichberechtigt mit allen anderen unbesicherten Senior-Schulden. Die zugrunde liegende Schuldverschreibung schr盲nkt die Aufnahme von besicherten Schulden, wesentliche Verm枚gens眉bertragungen ein und enth盲lt eine Put-Option bei Kontrollwechsel. Eine freiwillige R眉ckzahlung ist unter Ber眉cksichtigung von Make-Whole-Pr盲mien m枚glich, die im Prospekterg盲nzungsblatt definiert sind. Die Rechtlichkeitspr眉fung erfolgte durch Holland & Knight LLP.

Der Abschluss dieser Finanzierung sichert langfristiges Kapital zu festem Zinssatz f眉r die RSC-Transaktion und verl盲ngert das F盲lligkeitsprofil der BRO-Schulden bis 2055, allerdings mit Kupons, die das derzeit h枚here Zinsumfeld widerspiegeln und die Verschuldung sowie die Zinsaufwendungen des Unternehmens erh枚hen werden.

Positive

$4.2 billion of capital secured, fully funding the announced RSC acquisition without relying on short-term markets.
Staggered maturities out to 2055 diversify the debt stack and reduce refinancing pressure.
Fixed-rate coupons lock in cost of capital ahead of potential rate volatility.
Special mandatory redemption at 101% enhances investor protection, aiding demand for the offering.

Negative

Issuance materially increases leverage and annual interest expense for Brown & Brown.
Highest coupon tranche at 6.25% reflects a comparatively expensive cost of debt.
If the RSC merger fails, mandatory redemption at a 1% premium triggers additional cash use and fee write-offs.

Insights

TL;DR 鈥� Financing locks in $4.2 bn at fixed rates, de-risks RSC deal, modestly positive for growth strategy.

The successful placement demonstrates BRO鈥檚 access to capital markets and secures funding before closing the sizable RSC acquisition. Fixed coupons between 4.6%-6.25% remove near-term rate risk and staggered maturities push significant repayments beyond 2030, supporting liquidity. The special mandatory redemption clause reassures investors in case the deal fails, helping achieve attractive order-book demand. Overall leverage will rise, but proceeds are earmarked for an accretive transaction rather than general balance-sheet funding, so I view the impact as incrementally positive to the equity story.

TL;DR 鈥� $4.2 bn new debt raises leverage; high coupons and redemption premium add downside if RSC deal collapses.

The issuance materially increases Brown & Brown鈥檚 senior unsecured obligations, layering on interest costs of roughly $230-$260 MM annually (simple coupon approximation). Should the acquisition fall through, the company must redeem five of six tranches at 101%, crystallising an immediate cash outflow and sunk underwriting fees. Coupons up to 6.25% lock in an expensive capital structure versus historic levels, and covenant protections for investors (secured-debt, change-of-control limits) somewhat restrict management flexibility. From a credit-risk standpoint, the filing is moderately negative.

Brown & Brown, Inc. (NYSE: BRO) gab in einem 8-K-Bericht bekannt, dass am 23. Juni 2025 eine mehrstufige Senior-Notes-Emission in H枚he von 4,2 Milliarden US-Dollar abgeschlossen wurde.

06/23/2025 - 05:00 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 23, 2025

BROWN & BROWN, INC.

(Exact name of registrant as specified in its charter)

Florida

001-13619

59-0864469

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification Number)


300 North Beach Street
Daytona Beach, Florida		32114
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (386) 252-9601

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, $0.10 Par Value

BRO

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01

Entry into a Material Definitive Agreement.

On June 23, 2025, Brown & Brown, Inc. (the “Company”) completed the issuance and sale of $400,000,000 aggregate principal amount of the Company’s 4.600% Senior Notes due 2026 (the “2026 Notes”), $500,000,000 aggregate principal amount of the Company’s 4.700% Senior Notes due 2028 (the “2028 Notes”), $800,000,000 aggregate principal amount of the Company’s 4.900% Senior Notes due 2030 (the “2030 Notes”), $500,000,000 aggregate principal amount of the Company’s 5.250% Senior Notes due 2032 (the “2032 Notes”), $1,000,000,000 aggregate principal amount of the Company’s 5.550% Senior Notes due 2035 (the “2035 Notes”) and $1,000,000,000 aggregate principal amount of the Company’s 6.250% Senior Notes due 2055 (the “2055 Notes,” and together with the 2026 Notes, the 2028 Notes, the 2030 Notes, the 2032 Notes and the 2035 Notes, the “Notes”). The net proceeds to the Company from the sale of the Notes, after deducting underwriting discounts and estimated offering expenses, were approximately $4.2 billion.

The Notes were offered and sold under the Company’s Automatic Shelf Registration Statement on Form S-3 (Registration No. 333-271708) filed with the Securities and Exchange Commission (the “SEC”) on May 8, 2023 (the “Registration Statement”). In connection with the issuance and sale of the Notes, the Company entered into an Underwriting Agreement, dated as of June 11, 2025, with BofA Securities, Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named therein, which was filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on June 13, 2025.

The Notes were issued pursuant to that certain Indenture, dated as of September 18, 2014, between the Company and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as trustee (the “Base Indenture”), as supplemented by the First Supplemental Indenture, dated as of September 18, 2014, the Second Supplemental Indenture, dated as of March 11, 2019, the Third Supplemental Indenture, dated as of September 24, 2020, the Fourth Supplemental Indenture, dated as of March 17, 2022, the Fifth Supplemental Indenture, dated as of June 11, 2024, and the Sixth Supplemental Indenture, dated as of June 23, 2025 (the “Supplemental Indentures”, and the Base Indenture, as supplemented by the Supplemental Indentures, the “Indenture”).

Information concerning the Notes and related matters is set forth in the Registration Statement, including the Company’s Prospectus and Prospectus Supplement, which Prospectus Supplement was filed with the SEC on June 13, 2025.

The 2026 Notes bear interest at the rate of 4.600% per year and will mature on December 23, 2026. The 2028 Notes bear interest at the rate of 4.700% per year and will mature on June 23, 2028. The 2030 Notes bear interest at the rate of 4.900% per year and will mature on June 23, 2030. The 2032 Notes bear interest at the rate of 5.250% per year and will mature on June 23, 2032. The 2035 Notes bear interest at the rate of 5.550% per year and will mature on June 23, 2035. The 2055 Notes bear interest at the rate of 6.250% per year and will mature on June 23, 2055. Interest on the Notes will be payable semi-annually in arrears on June 23 and December 23 of each year, commencing on December 23, 2025. The Notes are senior unsecured obligations of the Company and will rank equal in right of payment to all of the Company’s existing and future senior unsecured indebtedness. The Company may redeem the Notes in whole or in part at any time and from time to time, at the redemption prices specified in the Prospectus Supplement for the Notes being redeemed, plus accrued and unpaid interest thereon to but excluding the redemption date.

If the acquisition of RSC Topco, Inc. (“RSC”), a Delaware corporation (the “Transaction”), is not consummated on or prior to the later of: (x) March 10, 2026 (as such date may be extended in accordance with the Merger Agreement (as defined below) to June 10, 2026) and (y) the date that is five business days after any later date to which the Company and RSC may agree to extend the “Expiration Date” in the Merger Agreement (the “Outside Date”) or, if on or prior to such date, the Company notifies the trustee in writing that the Merger Agreement is terminated, then, in either case, the Company must redeem all of the 2026 Notes, the 2028 Notes, the 2030 Notes, the 2032 Notes and the 2055 Notes, in each case, at a redemption price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest to, but not including, the special mandatory redemption date. The 2035 Notes are not subject to the special mandatory redemption provision and will remain outstanding even if the Transaction is not consummated on or prior to the Outside Date, or, if on or prior to such date, the Company notifies the trustee in writing that the Merger Agreement is terminated (unless they are otherwise optionally redeemed pursuant to their terms).

The Company intends to use the net proceeds of the Notes, together with the proceeds from its previously announced sale of 43,137,254 shares of its common stock, par value $0.10 per share (the “Shares”), and cash on hand, to fund the cash consideration payable under the previously announced agreement and plan of merger, dated June 10, 2025, by and among RSC, the Company, Encore Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company, and Kelso RSC (Investor), L.P., a Delaware limited partnership, solely in its capacity as the equityholder representative (the “Merger Agreement”), and to pay fees and expenses associated with the foregoing. If the Transaction is not consummated, the Company intends to use the proceeds from the offering of the Shares and the 2035 Notes for general corporate purposes.

The Indenture includes certain restrictive covenants, including covenants that limit the ability of the Company and certain of its subsidiaries to, among other things, incur certain secured debt and consolidate, merge, or transfer substantially all of the Company’s assets to another entity. The covenants are subject to a number of important exceptions and qualifications set forth in the Indenture. The Indenture also contains a covenant regarding the repurchase by the Company of the Notes upon a “change of control triggering event.”

The foregoing description of the Indenture and the Notes is qualified in its entirety by their respective terms. The Base Indenture, the Sixth Supplemental Indenture, dated as of June 23, 2025, and the forms of the Notes are filed as exhibits to this Current Report on Form 8-K and are incorporated by reference herein.

In connection with the issuance of the Notes, Holland & Knight LLP, counsel to the Company, delivered an opinion to the Company, dated June 23, 2025, regarding the legality of the Notes upon issuance and sale thereof. A copy of the opinion is filed as Exhibit 5.1 to this Current Report on Form 8-K and is incorporated by reference into the Registration Statement.

Item 2.03

Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

The following exhibits are filed herewith:


Exhibit No.		Description of Exhibit

4.1		Indenture, dated as of September 18, 2014, between Brown & Brown, Inc. and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association) (incorporated by reference to Exhibit 4.1 to Form 8-K filed on September 18, 2014).

4.2		Sixth Supplemental Indenture, dated as of June 23, 2025, between Brown & Brown, Inc. and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association).

4.3		Form of Brown & Brown, Inc.’s 4.600% Notes due 2026.

4.4		Form of Brown & Brown, Inc.’s 4.700% Notes due 2028.

4.5		Form of Brown & Brown, Inc.’s 4.900% Notes due 2030.

4.6		Form of Brown & Brown, Inc.’s 5.250% Notes due 2032.

4.7		Form of Brown & Brown, Inc.’s 5.550% Notes due 2035.


4.8		Form of Brown & Brown, Inc.’s 6.250% Notes due 2055.

5.1		Opinion of Holland & Knight LLP.

23.1		Consent of Holland & Knight LLP (included as part of Exhibit 5.1).

104		Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 23, 2025


BROWN & BROWN, INC.

By:		/s/ Anthony M. Robinson
		Anthony M. Robinson
		Secretary

Source:

FAQ

How much did Brown & Brown (BRO) raise in the June 2025 notes offering?

The company raised $4.2 billion in aggregate principal amount across six senior note tranches.

What are the interest rates and maturities of the new BRO notes?

Coupons range from 4.600% (2026) to 6.250% (2055), with maturities in 2026, 2028, 2030, 2032, 2035 and 2055.

What will Brown & Brown use the note proceeds for?

Proceeds, alongside a previously announced equity sale and cash, will fund the cash consideration for the pending RSC Topco acquisition.

Is there a mandatory redemption if the RSC deal does not close?

Yes. The 2026, 2028, 2030, 2032 and 2055 notes must be redeemed at 101% of par plus accrued interest if the merger isn鈥檛 completed by the outside date.

Do the new notes impose any covenants on Brown & Brown?

The indenture limits certain secured debt, major asset transfers and includes a change-of-control put for investors.

Where were the securities registered?

They were issued off the company鈥檚 automatic shelf registration statement on Form S-3 (No. 333-271708) filed 8 May 2023.

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[8-K] Brown & Brown, Inc. Reports Material Event

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How much did Brown & Brown (BRO) raise in the June 2025 notes offering?

What are the interest rates and maturities of the new BRO notes?

What will Brown & Brown use the note proceeds for?

Is there a mandatory redemption if the RSC deal does not close?

Do the new notes impose any covenants on Brown & Brown?

Where were the securities registered?

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[8-K] Brown & Brown, Inc. Reports Material Event

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Financial Analyst positive

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FAQ

How much did Brown & Brown (BRO) raise in the June 2025 notes offering?

What are the interest rates and maturities of the new BRO notes?

What will Brown & Brown use the note proceeds for?

Is there a mandatory redemption if the RSC deal does not close?

Do the new notes impose any covenants on Brown & Brown?

Where were the securities registered?

NYSE:BRO

BRO Rankings

BRO Latest News

BRO Stock Data