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Arthur J. Gallagher enters into $600 million unsecured credit facility
By Jennifer Chiou
New York, Sept. 19 - Arthur J. Gallagher & Co. announced that it entered into a $600 million unsecured credit facility with a syndicate led by Bank of Montreal, Bank of America Merrill Lynch, Barclays Bank, Citibank and JPMorgan Chase Bank.
The loan comes due on Sept. 19, 2018.
According to a news release, the company may request an additional $250 million of funds.
Proceeds will go toward future acquisitions or general corporate purposes.
The new credit agreement replaces a $500 million unsecured revolving credit facility that was to expire on July 14, 2014, the release stated.
Itasca, Ill.-based Arthur J. Gallagher is an insurance brokerage and risk management services company.
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