Trucordia closes $2.5 billion debt refinancing
- July 9, 2025
- Posted by: Web workers
- Category: Workers Comp
Trucordia, the brand name of PCF Insurance Services, said Wednesday it has raised $2.5 billion in debt to refinance its unitranche loan with term loan debt and added a $400 million revolving credit facility to increase capacity for future investments and acquisitions.
In the first half of 2025, Trucordia completed five acquisitions.
The $2.5 billion refinancing comprises a $1.94 billion first lien term loan B and a $548 million second lien term loan B, Trucordia said in a statement. The second lien term loan is from alternative asset manager Blue Owl Capital Inc.
The proceeds replace the company’s existing unitranche debt, significantly improving its cost of capital and long-term financial flexibility, Trucordia said.
The deal closes concurrently with Trucordia’s recent announcement of a $1.3 billion investment from Carlyle, which valued the broker at $5.7 billion.
The transactions will support the company’s “continued growth,” Felix Morgan, CEO of Lindon, Utah-based Trucordia, said in the statement.
PCF was the 19th-largest broker of U.S. business, according to the most recent Business Insurance ranking.
