Morningstar enters $1.5 billion multi-currency credit facility, replacing 2022 credit agreement
Morningstar entered a new $1.5 billion multi-currency credit agreement with Bank of America, N.A. as administrative agent, and terminated its existing credit agreement dated May 6, 2022. The filing says the new facility can refinance existing debt and fund corporate purposes, and that $170.0 million was outstanding under the revolving facility as of October 31, 2025. The agreement adds covenants, including a net leverage limit of 3.50 to 1.00 and an interest coverage minimum of 3.00 to 1.00, and restricts dividend payments.
Key points
- Facility totals up to $1.5 billion: $750.0 million five-year revolver, $375.0 million five-year delayed draw term facility, and $375.0 million three-year term facility
- $170.0 million outstanding under the revolving facility as of October 31, 2025, described as a rollover of prior borrowings
- Covenants require consolidated net leverage of no more than 3.50 to 1.00 and interest coverage of at least 3.00 to 1.00
- Interest margins range from 1.05% to 1.425%, based on the consolidated net leverage ratio; the agreement also restricts dividend payments
The filing
Written by AI on Nov 8, 2026, 1:17 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 31, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.