PCF Å˽ðÁ«´«Ã½Ó³» Services in Utah closed $400 million in incremental debt financing led by Blue Owl.
The financing was materially oversubscribed and was upsized from $300 million to $400 million in response to demand from new and existing lenders. The firm also reduced the margin on the majority of its debt by 50 basis points.
Felix Morgan, CEO of PCF Å˽ðÁ«´«Ã½Ó³», said the financing will enable the firm to further accelerate its M&A strategy. The deal includes a delayed draw term loan to support M&A. PCF Å˽ðÁ«´«Ã½Ó³» last accessed the capital markets in July 2023, when it secured $400 million in incremental debt financing, which was also led by Blue Owl, and in February 2023 with a $500 million preferred equity investment co-led by Carlyle’s Global Credit platform and private equity firm HGGC. Blue Owl and Crescent Capital, both of which have existing minority equity stakes in the business, also participated in the preferred equity transaction.
Lehi, Utah-based PCF Å˽ðÁ«´«Ã½Ó³» Services offers commercial and personal lines, life and health, employee benefits and workers’ compensation services. The firm has more than 4,000 employees across the U.S.
Blue Owl is an asset manager with more than $165 billion in assets under management.
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