Morningstar enters $1.5B credit facility; replaces existing agreement

Morningstar, Inc.

New $1.5B multi-currency credit facility: $750M revolver, $375M A-1 term (delayed draw), $375M A-2 term (3-year).
Interest margins range from 1.05% to 1.425% based on consolidated net leverage ratio; benchmarks include SOFR, SONIA, EURIBOR.
Financial covenants: max leverage ratio 3.50:1.00 (4.00:1.00 post material acquisition); min interest coverage 3.00:1.00.
Existing $170M revolver balance rolled over; prior credit agreement terminated.
Guarantors include Morningstar Investment Management, Research Services, Ratings Holding, and PitchBook Data.

item 1.01 item 1.02 item 2.03 item 3.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Morningstar, Inc. incurred term loan of $375.0 million with Bank of America, N.A. at will include an applicable margin for such loans (ranging between 1.05% and 1.42 maturing three years.

Instrument: term loan
Principal: $375.0 million
Counterparty: Bank of America, N.A.
Rate: will include an applicable margin for such loans (ranging between 1.05% and 1.42
Maturity: three years
Event: incurrence

Exact text from the filing

redit Agreement (the “Credit Agreement”) with Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (the “Agent”) and the other lenders party thereto.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Morningstar, Inc. incurred revolving credit of $750.0 million with Bank of America, N.A. at will include an applicable margin for such loans (ranging between 1.05% and 1.42 maturing five years.

Instrument: revolving credit
Principal: $750.0 million
Counterparty: Bank of America, N.A.
Rate: will include an applicable margin for such loans (ranging between 1.05% and 1.42
Maturity: five years
Event: incurrence

Exact text from the filing

redit Agreement (the “Credit Agreement”) with Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (the “Agent”) and the other lenders party thereto.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Morningstar, Inc. incurred term loan of $375.0 million with Bank of America, N.A. at will include an applicable margin for such loans (ranging between 1.05% and 1.42 maturing five years.

Instrument: term loan
Principal: $375.0 million
Counterparty: Bank of America, N.A.
Rate: will include an applicable margin for such loans (ranging between 1.05% and 1.42
Maturity: five years
Event: incurrence

Exact text from the filing

redit Agreement (the “Credit Agreement”) with Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (the “Agent”) and the other lenders party thereto.

View on SEC.gov

311 debt financings filed in the last 30 days. Browse all debt financings →

Morningstar, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-25-104692

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