Summary
Arthur J. Gallagher & Co. (AJG) filed an 8-K on June 17, 2013, to report the issuance of $200 million in aggregate principal amount of 3.69% Series G Senior Notes due June 14, 2022. These notes were issued in a private placement to accredited institutional investors. The notes are senior unsecured obligations, ranking equally with other senior unsecured indebtedness of the company and its subsidiary obligors. The issuance was completed on June 14, 2013, with interest payable semi-annually.
Key Highlights
- 1AJG issued $200 million in Senior Notes on June 14, 2013.
- 2The Notes carry a fixed interest rate of 3.69% per annum.
- 3The maturity date for the Series G Senior Notes is June 14, 2022.
- 4The issuance was conducted through a private placement to institutional investors.
- 5The Notes are senior unsecured obligations of Gallagher and certain subsidiaries.
- 6Covenants require AJG to maintain specified financial ratios.
- 7The Notes are redeemable, with a provision for mandatory prepayment if a change in control occurs and the company does not maintain an investment grade rating.