By Lisa Kerner
Charlotte, N.C., July 10 - Arthur J. Gallagher & Co. provided more details about its previously announced private placement of $50 million of 3.99% senior series F notes due 2020 in an 8-K filing with the Securities and Exchange Commission.
The notes have a make-whole call option at Treasuries plus 50 basis points.
If the company does not have an investment-grade rating 90 days after a change of control, it must offer to repay the notes at par.
Interest on the notes is payable semiannually in arrears on Jan. 10 and July 10 of each year.
Proceeds will be used to fund acquisitions and for general corporate purposes.
The notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Itasca, Ill.-based Arthur J. Gallagher is an insurance brokerage and risk management services company.
A headline in the July 11 edition of the Prospect News Private Placement Daily gave an incorrect size for the issue.
| Issuer: | Arthur J. Gallagher & Co.
|
| Issue: | Senior series F notes
|
| Amount: | $50 million
|
| Maturity: | July 10, 2020
|
| Coupon: | 3.99%
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Settlement date: | July 10
|
| Distribution: | Private placement
|
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