Moody’s gives Gallagher notes Baa2

Moody's Investors Service said it gave Arthur J. Gallagher & Co.’s planned senior unsecured notes a Baa2 rating.

Gallagher plans to acquire certain assets from Willis Towers Watson. To help fund the acquisition, the company will use the proceeds from the notes with the proceeds from the sale of 9 million common shares at $142 per share. Gallagher granted the underwriters an option for an added 1.35 million shares.

Concurrently, the agency affirmed the company’s Baa2 long-term issuer rating.

The outlook for Gallagher remains stable.

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