Brown & Brown sells $4.2 billion in senior notes to fund RSC acquisition
Brown & Brown completed a $4.2 billion sale of six tranches of senior notes maturing from 2026 to 2055, with net proceeds of approximately $4.2 billion. The company intends to use the proceeds, together with a previously announced sale of 43,137,254 common shares and cash on hand, to fund the cash consideration for its pending acquisition of RSC Topco, Inc. The notes carry a special mandatory redemption requirement at 101% of principal if the RSC deal is not completed by the Outside Date, which adds a financing contingency for shareholders to weigh.
Key points
- Six series of senior unsecured notes totaling $4.2 billion, with coupons from 4.600% (due 2026) to 6.250% (due 2055)
- Notes pay interest semi-annually starting December 23, 2025; the 2035 notes are not subject to the special redemption
- Proceeds are earmarked for the cash consideration under the June 10, 2025 merger agreement with RSC; general corporate purposes if the deal fails
The filing
Written by AI on Nov 8, 2026, 12:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 23, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.