By Lisa Kerner
Charlotte, N.C., Feb. 11 - Arthur J. Gallagher & Co. provided additional details about its private placement of $125 million of senior notes with accredited institutional investors in a form 8-K filing with the Securities and Exchange Commission.
As reported on Thursday, the placement included:
• $75 million of series D notes bearing interest at 5.18% due Feb. 10, 2021; and
• $50 million of series E notes bearing interest at 5.49% due Feb. 10, 2023.
The notes are guaranteed by the company and its subsidiaries, the filing said.
The notes have a make-whole call at Treasuries plus 50 basis points.
The proceeds will be used to fund acquisitions.
Purchasers included New York Life Insurance Co., New York Life Insurance and Annuity Co., Prudential Insurance Co. of America, RGA Reinsurance Co. and MTL Insurance Co.
Itasca, Ill.-based Arthur J. Gallagher is an insurance brokerage and risk management services company.
Issuer: | Arthur J. Gallagher & Co.
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Issue: | Senior notes
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Amount: | $125 million
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Call option: | Make-whole at Treasuries plus 50 bps
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Settlement date: | Feb. 10
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Purchasers: | New York Life Insurance Co., New York Life Insurance and Annuity Co., Prudential Insurance Co. of America, RGA Reinsurance Co., MTL Insurance Co.
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Distribution: | Private placement
|
|
Series D
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Amount: | $75 million
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Maturity: | Feb. 10, 2021
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Coupon: | 5.18%
|
|
Series E
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Amount: | $50 million
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Maturity: | Feb. 10, 2023
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Coupon: | 5.49%
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