Ryan Specialty Secures $1B Credit Facility

TL;DR

Ryan Specialty just inked a $1B credit line, maturing in 2029, with room to grow. Good for cash flow.

AI Summary

On August 28, 2024, RYAN SPECIALTY HOLDINGS, INC. entered into a new credit agreement, establishing a $1.0 billion revolving credit facility. This facility matures on August 28, 2029, and includes an accordion feature allowing for an increase in the aggregate principal amount up to $1.5 billion. The company intends to use the proceeds for general corporate purposes.

Why It Matters

This new credit facility provides Ryan Specialty with significant financial flexibility and liquidity, which can support future growth initiatives and operational needs.

Risk Assessment

Risk Level: low — The filing details a standard credit facility agreement, which is a common and generally low-risk financial transaction for a public company.

Key Numbers

• $1.0B — Revolving Credit Facility (Initial principal amount available to the company.)
• $1.5B — Maximum Facility Size (Potential increase in borrowing capacity via accordion feature.)
• 5 years — Maturity (Duration of the credit facility until August 28, 2029.)

Key Players & Entities

• RYAN SPECIALTY HOLDINGS, INC. (company) — Registrant
• $1.0 billion (dollar_amount) — Initial principal amount of revolving credit facility
• $1.5 billion (dollar_amount) — Maximum aggregate principal amount with accordion feature
• August 28, 2024 (date) — Date of credit agreement
• August 28, 2029 (date) — Maturity date of credit facility

FAQ

Key Financial Figures

• $0.001 — hich registered Class A Common Stock, $0.001 par value RYAN The New York Stock E
• $850 million — oldings, Inc. (the "Company"), borrowed $850 million under its revolving credit facility in
• $549.6 — ties. The revolving credit facility has $549.6 in undrawn capacity after the incurrenc
• $500.0 million — ovide Ryan Specialty with approximately $500.0 million in aggregate principal amount of bridge
• $1.075 billion — nterests of US Assure for approximately $1.075 billion in cash and up to an additional $400 mi
• $400 million — billion in cash and up to an additional $400 million to the extent certain financial perform

Filing Documents

• ryan-20240830.htm (8-K) — 54KB
• img150571102_0.jpg (GRAPHIC) — 9KB
• 0000950170-24-102557.txt ( ) — 190KB
• ryan-20240830.xsd (EX-101.SCH) — 23KB
• ryan-20240830_htm.xml (XML) — 4KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On September 3, 2024, the Company issued a press release announcing the completion of the Acquisition. A copy of this press release is attached hereto as Exhibit 99.1. The information disclosed under this item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing thereunder or under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

01 Other Events

Item 8.01 Other Events. On August 30, 2024, Ryan Specialty, purchased all of the outstanding equity interests of US Assure for approximately $1.075 billion in cash and up to an additional $400 million to the extent certain financial performance targets are met. The initial purchase price of the Acquisition was funded through a combination of borrowings under the revolving credit facility (as described above) and cash on hand.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description of Exhibit 99.1 Press Release, dated September 3, 2024.

SIGNATURES

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. RYAN SPECIALTY HOLDINGS, INC. Date: September 2, 2024 By: /s/ Mark S. Katz Mark S. Katz, Executive Vice President, General Counsel and Corporate Secretary Ryan Specialty Completes Acquisition of US Assure SEPTEMBER 3, 2024 | CHICAGO, IL – Ryan Specialty (NYSE: RYAN), a leading international specialty insurance intermediary, is pleased to announce it completed the acquisition of US Assure Insurance Services of Florida, Inc. ("US Assure"), effective August 30, 2024. US Assure, headquartered in Jacksonville, FL, is a leading program specializing in builder's risk insurance, and will become a part of our Underwriting Managers Specialty within Ryan Specialty. The previous announcement dated August 1, 2024 regarding the signing of the definitive agreement can be found here . About Ryan Specialty Founded in 2010, Ryan Specialty is a service provider of specialty products and solutions for insurance brokers, agents, and carriers. Ryan Specialty provides distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers. Our mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents, and carriers. Learn more at ryanspecialty.com . Contact: Media Alice Phillips Topping Chief Marketing & Communications Officer Ryan Specialty Alice.Topping@ryanspecialty.com (312) 635-5976 Investor Relations Nicholas Mezick Director, Investor Relations Ryan Specialty IR@ryanspecialty.com (312) 784-6152 ### Page 1 of 1

View Full Filing

View this 8-K filing on SEC EDGAR