MOODYS CORP /DE/ (MCO): debt financing — Moody's enters $1.25B revolver maturing May 2029, replacing 2026 facility

MOODYS CORP /DE/

New $1.25B senior unsecured revolving credit facility matures in May 2029.
Interest rates based on Term SOFR plus margin of 0.805% to 1.225% depending on debt ratings.
Facility fee ranges from 7 to 15 bps per annum based on debt ratings.
Financial covenant: Total Debt/EBITDA not to exceed 4.0x (4.5x post-acquisition for 3 quarters).
Proceeds may be used for general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MOODYS CORP /DE/ incurred revolving credit of up to $1.25 billion with JPMorgan Chase Bank, N.A., as administrative agent at adjusted Term SOFR Rate plus a premium that can range from 80.5 basis points to maturing May 2029.

Instrument: revolving credit
Principal: up to $1.25 billion
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Rate: adjusted Term SOFR Rate plus a premium that can range from 80.5 basis points to
Maturity: May 2029
Event: incurrence

Exact text from the filing

On May 6, 2024, Moody’s Corporation (the “Company”) entered into a credit agreement (the “Credit Agreement”) among the Company, the borrowing subsidiaries party thereto, the lenders and issuing banks party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the other agents party thereto. The Credit Agreement provides a senior, unsecured revolving credit facility (the “Facility”) in an aggregate principal amount of up to $1.25 billion that matures in May 2029.

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Source: SEC EDGAR

accession 0001193125-24-131945

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