Arthur J. Gallagher & Co. (AJG): debt financing — Arthur J. Gallagher enters $1.2B revolving credit facility through 2028

Arthur J. Gallagher & Co.

New five-year unsecured revolver of $1.2B, with accordion to $1.7B.
Facility available in USD, GBP, CAD, AUD, NZD, EUR, JPY and other agreed currencies.
Bears variable interest based on benchmark rate plus margin tied to debt rating.
Prior $1.2B credit agreement dated June 2019 was terminated concurrently.
Proceeds for general corporate and working capital purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

Arthur J. Gallagher & Co. incurred revolving credit of $1,200,000,000 with Bank of America, N.A. at variable annual rate based on a customary benchmark rate for each available curr maturing five-year.

Instrument: revolving credit
Principal: $1,200,000,000
Counterparty: Bank of America, N.A.
Rate: variable annual rate based on a customary benchmark rate for each available curr
Maturity: five-year
Event: incurrence

Exact text from the filing

On June 22, 2023, Arthur J. Gallagher & Co. (the “ Company ”) entered into a new Credit Agreement (the “ Credit Agreement ”) among the Company, as borrower, Bank of America, N.A., as administrative agent and L/C issuer, and the other lenders and L/C issuers party thereto. The Credit Agreement provides for a five-year unsecured revolving credit facility in the amount of $1,200,000,000

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Source: SEC EDGAR

accession 0001193125-23-173975

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