Moody's said on May 6, 2024 that it entered into a credit agreement with JPMorgan Chase Bank, N.A. as administrative agent. The agreement provides a senior, unsecured revolving credit facility of up to $1.25 billion.

1. 01

   Moody's said on May 6, 2024 that it entered into a credit agreement with JPMorgan Chase Bank, N.A. as administrative agent. The agreement provides a senior, unsecured revolving credit facility of up to $1.25 billion.

2. 02

   The company said the facility matures in May 2029 and replaces its existing $1.25 billion credit agreement, which was scheduled to mature in December 2026. It said proceeds may be used for general corporate purposes.

3. 03

   The company said borrowings bear interest at an adjusted Term SOFR Rate plus a premium ranging from 80.5 basis points to 122.5 basis points, depending on its index debt ratings. It also said quarterly facility fees, payable regardless of borrowing activity, range from 7 basis points to 15 basis points of the facility amount.

4. 04

   The company said it must maintain a Total Debt to EBITDA Ratio, measured at quarter-end, of no more than 4 to 1, and of no more than 4.5 to 1 for the 3 consecutive quarter-ends immediately after any acquisition with consideration above $500,000,000, under the financial covenant in the Credit Agreement.

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Original filing

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