secwatch.observer — SEC 8-K summary
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Issuer:     Morningstar, Inc. (MORN)
CIK:        0001289419
Form:       8-K
Filed at:   2025-10-31T23:59:59+00:00
Accession:  0001104659-25-104692
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 1.02, 2.03, 3.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Morningstar enters $1.5B credit facility; replaces existing agreement
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1289419/000110465925104692/0001104659-25-104692-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1289419/000110465925104692/tm2529887d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-104692

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer