Daytona Beach, Fla.-based insurance broker Brown & BrownInc. 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 moneyfor a term of up to 10 years at a fixed rate of interest based onthe Treasury rates available at the time of borrowing plus anapplicable credit spread.
Brown & Brown said that under the plan it would initiallyborrow $25 million represented by unsecured senior notes issuedthrough a private placement. The notes will bear interest at anannual fixed rate of 5.66 percent and will mature in 2016.
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