Trucordia Closes Carlyle Investment, Refinances Debt

Trucordia announced that it has completed a comprehensive debt refinancing that it says significantly enhances the company’s capital structure and positions it for continued growth.

The transaction closes concurrently with the $1.3 billion strategic investment from Carlyle announced earlier this month.

Related: Trucordia Gains $1.3B Investment From Carlyle to Propel Growth

“These transactions are transformative for Trucordia, creating new financial and governance structures that will support the company’s continued growth,” said Felix Morgan, chief executive officer of Lindon, Utah-based Trucordia. “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.”

The refinancing includes a $1.94 billion first lien term loan B, as well as a $548 million second lien term loan B with Blue Owl Capital. In conjunction with the loans, the insurance brokerage will have a $400 million revolving credit facility to support future investments. The proceeds from the refinancing replace the company’s existing unitranche debt, significantly improving the company’s cost of capital and long-term financial flexibility.

In the first half of 2025, Trucordia completed 5 strategic acquisitions, executed its new platform operating model to capture economies of scale and improve enterprise value, and continued the roll-out of its new brand to the company’s more than 200 offices.

Related: PCF Insurance to Rebrand as Trucordia With New Growth Strategy

Trucordia was ranked #13 in the Insurance Journal 2024 Top 100 Independent Property/Casualty Agencies report with about $584 million in P/C revenue.

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