Trucordia has concluded a debt refinancing process that is expected to improve its capital structure and support its ongoing growth strategy.  

The refinancing coincides with a $1.3bn investment from the Carlyle Group, announced earlier this month. 

The investment from Carlyle is intended to provide Trucordia with the necessary financial flexibility to pursue a variety of strategic initiatives and to allow for the repurchase of equity from current minority shareholders, thus simplifying the company’s governance. 

The refinancing includes a $1.94bn first lien term loan B and a $548m second lien term loan B, arranged with Blue Owl Capital.  

Additionally, Trucordia has arranged a $400m revolving credit facility to support its future investment plans. 

The proceeds from this refinancing will be used to replace the company’s existing “unitranche” debt. 

Trucordia CEO Felix Morgan said: “These transactions are transformative for Trucordia, creating new financial and governance structures that will support the company’s continued growth.  

“They reflect both the significant work we have done in the last four years to build the nation’s next great insurance brokerage and the confidence in our strategy to accelerate our success.” 

JPMorgan Chase acted as the financial advisor for the refinancing and will also serve as the administrative agent for the revolving credit facility.  

Legal advice was provided by Orrick to Trucordia. 

In the first half of 2025, Trucordia completed five strategic acquisitions and implemented a new platform operating model to achieve economies of scale.