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AJG > SEC Filings for AJG > Form 8-K on 17-Jun-2013All Recent SEC Filings

Show all filings for GALLAGHER ARTHUR J & CO | Request a Trial to NEW EDGAR Online Pro



Entry into a Material Definitive Agreement, Creation of a Direct Financia

Item 1.01. Entry into a Material Definitive Agreement.

The information required by this item with respect to the Purchase Agreement (as defined below) is incorporated herein by reference to Item 2.03.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On June 14, 2013, Arthur J. Gallagher & Co. ("Gallagher") and certain of its subsidiaries (collectively, the "Subsidiary Obligors") issued, in a private placement, $200 million aggregate principal amount of 3.69% Series G Senior Notes, due June 14, 2022 (collectively, the "Notes"). Interest on the Notes is payable semi-annually in arrears on June 14 and December 14 of each year, beginning on December 14, 2013. Gallagher issued the Notes pursuant to the terms of a Note Purchase Agreement dated as of June 14, 2013 (the "Purchase Agreement") with certain accredited institutional investors (collectively, the "Purchasers"). The Notes are senior unsecured obligations of Gallagher and the Subsidiary Obligors and rank equal in right of payment with all other senior unsecured indebtedness of Gallagher and the Subsidiary Obligors.

The Purchase Agreement contains customary provisions for transactions of this type, including representations and warranties regarding Gallagher and its subsidiaries and various covenants, including covenants that require Gallagher to maintain specified financial ratios. The Purchase Agreement provides for customary events of default, generally with corresponding grace periods, including, without limitation, payment defaults with respect to the Notes, covenant defaults, cross-defaults to other agreements evidencing indebtedness of Gallagher or its subsidiaries, certain judgments against Gallagher or its subsidiaries and events of bankruptcy involving Gallagher or its material subsidiaries.

Under the terms of the Purchase Agreement, the Notes are redeemable, in whole or in part, at 100% of the principal amount being redeemed, together with accrued and unpaid interest and a "make-whole amount" (as defined in the Purchase Agreement) with respect to each Note. If within 90 days after a "change in control" Gallagher (or its successor) does not have an "investment grade rating", Gallagher is obligated to offer to prepay all of the outstanding Notes at the principal amount thereof plus accrued interest (but without any "make-whole amount") (as each term is defined in the Purchase Agreement).

The foregoing summary is qualified in its entirety by reference to the Purchase Agreement and form of the Notes, filed herewith as Exhibit 4.1 and Exhibit 4.2, respectively.

Item 7.01. Regulation FD Disclosure.

On June 17, 2013, Gallagher issued a press release announcing it had completed the issuance of the Notes. A copy of this press release is furnished herewith as Exhibit 99.

Item 9.01. Financial Statements and Exhibits.

4.1 Note Purchase Agreement, dated as of June 14, 2013, between Gallagher and the Purchasers.

4.2 Form of Notes (included as Exhibit 1 to Exhibit 4.1 of this Form 8-K).

99 Press release, dated June 17, 2013, issued by Arthur J. Gallagher & Co.

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