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Gartner enters into five-year $1 billion revolving credit facility
By Wendy Van Sickle
Columbus, Ohio, April 1 – Gartner, Inc. entered into a $1 billion five-year revolving facility on March 26 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
On the closing date, the company borrowed $274.4 million under the credit agreement, which was used to refinance the outstanding amounts under the company’s existing credit agreement. Additional borrowings, if any, will be used for working capital and general corporate purposes.
Borrowings will bear interest at term SOFR plus 10 basis points credit spread adjustment plus a margin ranging from 112.5 basis points to 175 bps, depending either on the credit rating of the company’s senior unsecured debt or its leverage ratio.
The commitment fee ranges from 12.5 to 25 bps.
JPMorgan, BofA Securities, Inc., Citibank, NA and TD Securities (USA) LLC are the bookrunners and are joined as lead arrangers by BNP Paribas Securities Corp., Citizens Bank, NA, HSBC Bank USA, NA, PNC Bank, NA, Truist Securities, Inc., U.S. Bank NA and Wells Fargo Bank, NA.
Bank of America, NA, Citibank, TD Securities, BNP, Citizens, HSBC, PNC, Truist Bank, U.S. Bank and Wells Faro are the co-syndication agents.
Capital One, NA and M&T Bank are the co-documentation agents.
The company’s existing credit agreement, dated Sept. 28, 2020 with JPMorgan as administrative agent, which provided for a $400 million five-year term loan and a $1 billion five-year revolver, was terminated.
Gartner is a Stamford, Conn.-based information technology research and advisory company. CEB is an Arlington, Va.-based best practice insight and technology company.
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