Summary
Arthur J. Gallagher & Co. (AJG) announced on November 3, 2021, that it entered into an underwriting agreement on November 2, 2021, to issue and sell a significant amount of senior notes. The company will sell $400 million aggregate principal amount of 2.400% senior notes due 2031 and $350 million aggregate principal amount of 3.050% senior notes due 2052, totaling $750 million in debt. This debt issuance, expected to close around November 9, 2021, is being conducted under a previously filed shelf registration statement. The proceeds from this offering will provide AJG with additional capital, likely for general corporate purposes or to fund strategic initiatives, which investors should monitor for their intended use.
Key Highlights
- 1AJG is issuing $400 million of 2.400% senior notes due 2031.
- 2AJG is issuing $350 million of 3.050% senior notes due 2052.
- 3The total aggregate principal amount of the notes being issued is $750 million.
- 4The underwriting agreement was entered into on November 2, 2021.
- 5The offering is expected to close on or about November 9, 2021.
- 6The issuance is being made pursuant to a Form S-3 shelf registration statement.
- 7BofA Securities, Inc. and J.P. Morgan Securities LLC are acting as the representatives of the underwriters.