---
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"
generated_at: "2026-05-17T01:04:20.137595+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Morningstar enters $1.5B credit facility; replaces existing agreement

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 3.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-104692
- JSON: https://secwatch.observer/filing/0001104659-25-104692.json
- Plain text: https://secwatch.observer/filing/0001104659-25-104692.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1289419/000110465925104692/0001104659-25-104692-index.htm
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1289419/000110465925104692/0001104659-25-104692-index.htm
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1289419/000110465925104692/0001104659-25-104692-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.