By Lisa Kerner
Charlotte, N.C., June 24 – Arthur J. Gallagher & Co. completed a private placement of $700 million of senior notes.
The notes have a weighted average coupon rate of 4.02% and were issued as follows:
• $50 million of notes due 2018;
• $50 million of notes due 2019;
• $50 million of notes due 2020;
• $200 million of notes due 2023;
• $200 million of notes due 2025; and
• $150 million of notes due 2026.
Proceeds will be used to fund the company’s previously announced acquisition of Noraxis Capital Corp. and to pay down borrowings under its line of credit facility, according to a company news release.
Itasca, Ill.-based Arthur J. Gallagher is an insurance brokerage and risk management services company.
| Issuer: | Arthur J. Gallagher & Co.
|
| Issue: | Senior notes
|
| Amount: | $700 million
|
| Coupon: | Weighted average of 4.02%
|
| Distribution: | Private placement
|
|
|
| Four-year notes
|
| Amount: | $50 million
|
| Maturity: | 2018
|
|
|
| Five-year notes
|
| Amount: | $50 million
|
| Maturity: | 2019
|
|
|
| Six-year notes
|
| Amount: | $50 million
|
| Maturity: | 2020
|
|
|
| Nine-year notes
|
| Amount: | $200 million
|
| Maturity: | 2023
|
|
|
| 11-year notes
|
| Amount: | $200 million
|
| Maturity: | 2025
|
|
|
| 12-year notes
|
| Amount: | $150 million
|
| Maturity: | 2026
|
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