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Arthur J. Gallagher closes $50M notes offering

Arthur J. Gallagher & Co. completed a private placement of $50 million aggregate principal amount of senior unsecured notes on Dec. 2.

The notes, due in 2029, were issued by the company and certain subsidiaries and have an interest rate of 3.48% per annum.

The company and several subsidiaries also plan to close a private placement of $575 million of senior unsecured notes in late January 2020. After underwriting and legal costs, their weighted-average effective rate will be 4.09% per annum.

The company will use proceeds from the notes offering to repay existing debt and for general corporate purposes, including to fund acquisitions.