Arthur J. Gallagher prices $1B senior notes offering; net rates ~5.1% and ~5.6% after hedging

Arthur J. Gallagher & Co.

$400M 6.500% Senior Notes due 2034 and $600M 6.750% Senior Notes due 2054 priced.
After interest rate hedging, net interest rate ~5.1% for 2034 notes and ~5.6% (first 10 yrs) for 2054 notes.
Expected closing November 2, 2023; underwriters BofA Securities and Barclays Capital.
Notes issued under existing indenture and shelf registration statement; proceeds for general corporate purposes.

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