{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-104692","form_type":"8-K","ticker":"MORN","cik":"0001289419","company_name":"Morningstar, Inc.","filed_at":"2025-10-31T23:59:59+00:00","discovered_at":"2026-05-14T18:02:39.037615+00:00","generated_at":"2026-05-17T01:04:20.137595+00:00","sec_items":["1.01","1.02","2.03","3.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"Morningstar enters $1.5B credit facility; replaces existing agreement","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-104692","json":"https://secwatch.observer/filing/0001104659-25-104692.json","markdown":"https://secwatch.observer/filing/0001104659-25-104692.md","text":"https://secwatch.observer/filing/0001104659-25-104692.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1289419/000110465925104692/0001104659-25-104692-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1289419/000110465925104692/tm2529887d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T01:04:20.137595+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"274b5c182866aff3007f31e748e12334822e04e8","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1289419/000110465925104692/0001104659-25-104692-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"$375.0 million"},{"label":"Counterparty","value":"Bank of America, N.A."},{"label":"Rate","value":"will include an applicable margin for such loans (ranging between 1.05% and 1.42"},{"label":"Maturity","value":"three years"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"5c0211b63dbbc7aaa6cc1fc11f3f66393a4fdf60","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1289419/000110465925104692/0001104659-25-104692-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"$750.0 million"},{"label":"Counterparty","value":"Bank of America, N.A."},{"label":"Rate","value":"will include an applicable margin for such loans (ranging between 1.05% and 1.42"},{"label":"Maturity","value":"five years"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"8948323da0554b263f34973c2abe50dc9453608a","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1289419/000110465925104692/0001104659-25-104692-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"$375.0 million"},{"label":"Counterparty","value":"Bank of America, N.A."},{"label":"Rate","value":"will include an applicable margin for such loans (ranging between 1.05% and 1.42"},{"label":"Maturity","value":"five years"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}