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MarketScreener Homepage  >  Equities  >  Nyse  >  Brown & Brown, Inc.    BRO

BROWN & BROWN, INC.

(BRO)
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BROWN & BROWN, INC. : Entry into a Material Definitive Agreement (form 8-K)

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09/18/2020 | 06:02pm EDT

Item 1.01 Entry into a Material Definitive Agreement

On September 17, 2020, Brown & Brown, Inc. (the "Company") entered into an Underwriting Agreement (the "Underwriting Agreement") with J.P. Morgan Securities LLC, BofA Securities, Inc., PNC Capital Markets LLC and Truist Securities, Inc., as representatives of the several underwriters named therein (collectively, the "Underwriters"), with respect to the offer and sale by the Company of $700,000,000 aggregate principal amount of the Company's 2.375% Senior Notes due 2031 (the "Notes"). The Notes were offered under the Company's Automatic Shelf Registration Statement on Form S-3 (Registration No. 333-248587) filed with the Securities and Exchange Commission on September 3, 2020. The Underwriting Agreement contemplates that the Notes will be issued pursuant to that certain Indenture, dated as of September 18, 2014, between the Company and U.S. Bank National Association, as trustee, as supplemented by a Third Supplemental Indenture expected to be dated as of September 24, 2020. The sale of the Notes is expected to close on September 24, 2020. The Company intends to use the net proceeds of the offering of the Notes to repay a portion of the outstanding borrowings under the Company's credit facility and for general corporate purposes.

The Underwriting Agreement contains customary representations, warranties and covenants by the Company, conditions to closing, termination provisions and other terms and conditions customary in agreements of this type. The Underwriting Agreement also contains customary indemnification and contribution rights and obligations of the Company and the Underwriters. The Underwriting Agreement is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The foregoing description of the Underwriting Agreement is qualified in its entirety by the full text of the Underwriting Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated by reference herein.

© Edgar Online, source Glimpses


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Financials (USD)
Sales 2020 2 595 M - -
Net income 2020 463 M - -
Net Debt 2020 591 M - -
P/E ratio 2020 26,5x
Yield 2020 0,80%
Capitalization 12 345 M 12 345 M -
EV / Sales 2020 4,99x
EV / Sales 2021 4,55x
Nbr of Employees 10 083
Free-Float 78,7%
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Technical analysis trends BROWN & BROWN, INC.
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Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 10
Average target price 48,33 $
Last Close Price 43,46 $
Spread / Highest target 26,6%
Spread / Average Target 11,2%
Spread / Lowest Target 3,54%
EPS Revisions
Managers
NameTitle
J. Powell Brown President, Chief Executive Officer & Director
J. Hyatt Brown Chairman
Richard A. Freebourn Senior Vice President-Internal Operations
R. Andrew Watts Chief Financial Officer, Treasurer & Executive VP
Stephen Boyd SVP-Technology, Innovation & Digital Strategy
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