New Term Loan B cuts TFP’s cost of debt by 225 basis points as the business secures inaugural public credit ratings
The Fidelis Partnership (TFP) has priced a $2.04bn refinancing that will replace its existing unitranche facility with a new senior secured Term Loan B.
The transaction will reduce TFP’s cost of debt to SOFR plus 2.75%, from SOFR plus 5%, while giving the business access to institutional investors in the public debt markets.
The refinancing is expected to close in August, subject to customary closing conditions.
It comes alongside TFP’s first public credit ratings, with Moody’s assigning Ba3 with a stable outlook, Fitch rating the business as BB- with a positive outlook, and S&P assigning B+ with a Positive outlook.
TFP said the refinancing would improve its financial flexibility and reflected the development of the business since its previous refinancing in 2024.
Written premium increased to $5.4bn in 2025, driven entirely by organic growth.
The business now underwrites across more than 150 lines of business in 140 countries through a range of long-term capital partnerships and underwriting platforms.
Its core capacity relationship is a 10-year rolling binder with Pelagos Insurance Capital, while TFP has also expanded its Lloyd’s presence through Syndicate 3123, backed by Names capital, and Syndicate 2126, backed by Blackstone.
Together, the two syndicates are expected to support around $1.3bn of premium in 2026.
TFP’s Pine Walk platform has meanwhile expanded to 18 specialist underwriting cells and approximately $1.2bn of written premium.
Richard Brindle (pictured), founder, chairman and group CEO, The Fidelis Partnership, said: “This transaction is another important milestone in TFP’s journey.
“In just over three years since our inception post the bifurcation, we have built a diversified risk allocator which is the world’s largest independent MGA, growing entirely organically across 150 lines of business and 140 countries while continuing to expand our distribution, talent base and capacity partnerships.”
Brindle said the refinancing and ratings reflected growing external confidence in the business.
“The success of this refinancing, alongside our inaugural public credit ratings, reflects the strength of the business we have built and the confidence that blue chip institutional debt investors and rating agencies have in our future,” he said.
“We remain at an exciting stage of our development, with significant opportunities ahead across Lloyd’s, Pine Walk, High Growth Markets expansion and product innovation.”
Brindle also thanked TFP’s existing debt investors, including Blackstone, Barings and Oak Hill.
“I would like to thank our existing debt investors – Blackstone, Barings, Oak Hill and our broader financing partners for their continued support and belief in TFP,” he added.
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