Arthur J. Gallagher& Co. said April 8 that it has entered into an $800 million unsecuredcredit facility, expiring April 8, 2021, with a group of financial institutionsled by Bank of Montreal, Bank of America Merrill Lynch, Barclays Bank, Citibankand JP Morgan Chase Bank.
At the company's request, the facility may be increased to $1.1billion upon satisfaction of certain conditions. The facility replaces a $600 millionunsecured revolving credit facility that was due to expire Sept. 19, 2018. Funds may be drawn for acquisitions or generalcorporate purposes.
The company also announced that it anticipates closing a privateplacement of $275 million of senior unsecured notes in June, consisting of threeseries of notes due between 2026 and 2031 with a weighted average interest rateof 4.47%.