AJG · 10-Q · 2026Q3 · Full report
Outstanding Indebtedness
Arthur J. Gallagher & Co. · 2026-11-05 · Importance 49 · Surprise 6 · No source text
At September 30, 2026, Gallagher had $9.550 billion of Senior Notes, $2.683 billion of Note Purchase Agreements, $630 million outstanding under its Credit Agreement and $228 million under its Premium Financing Debt Facility. Cash and cash equivalents were $1.213 billion. The $2.5 billion unsecured revolving Credit Agreement had $1.868 billion available after outstanding letters of credit; its maturity was extended to April 3, 2030. Gallagher borrowed $6.660 billion and repaid $6.030 billion under the Credit Agreement during the first nine months of 2026, and it was in compliance with its financial covenants at September 30.
Key facts
- Arthur J. Gallagher & Co.'s Credit Agreement provides a five-year unsecured revolving credit facility of $2,500 million, with commitments potentially increasable to $3,000 million; its maturity was extended to April 3, 2030. source
- In February 2026, Arthur J. Gallagher & Co. used operating cash to repay a $140 million Series II note maturity at a fixed 4.85% rate due February 13, 2026, and a $175 million Series I note maturity at a fixed 4.73% rate due February 27, 2026. source
- In June 2026, Arthur J. Gallagher & Co. used operating cash to repay a $175 million Series Q note maturity at a fixed 4.40% rate due June 2, 2026, and a $150 million Series P note maturity at a fixed 4.36% rate due June 24, 2026. source
- At September 30, 2026, Arthur J. Gallagher & Co. had $9,550 million of Senior Notes, $2,683 million of Note Purchase Agreements, $630 million of Credit Agreement borrowings, $228 million of Premium Financing Debt Facility borrowings, and $1,213 million of cash and cash equivalents. source
- Under the Credit Agreement, Arthur J. Gallagher & Co. borrowed an aggregate $6,660 million and repaid $6,030 million in the nine months ended September 30, 2026; $630 million was outstanding at September 30, 2026, with $1,868 million available for potential borrowing after letters of credit. source
- Arthur J. Gallagher & Co.'s Premium Financing Debt Facility at September 30, 2026 had AU$310 million outstanding under Facility B and NZ$15 million outstanding under Facility D, totaling US$228 million; the NZ$25 million Facility B tranche had increased effective October 1, 2026, and the AU$ tranche was scheduled to decrease to AU$310 million on March 1, 2027. source
- Arthur J. Gallagher & Co. was in compliance with the financial covenants in its Senior Notes, Note Purchase Agreements, Credit Agreement, and Premium Financing Debt Facility at September 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | positive | realized | +0.4% | In June 2026, Arthur J. Gallagher & Co. used operating cash to repay a $175 million Series Q note maturity at a fixed 4.40% rate due June… |
| cash | negative | realized | -0.4% | In June 2026, Arthur J. Gallagher & Co. used operating cash to repay a $175 million Series Q note maturity at a fixed 4.40% rate due June… |
| liability | positive | realized | +0.4% | In February 2026, Arthur J. Gallagher & Co. used operating cash to repay a $140 million Series II note maturity at a fixed 4.85% rate due… |
| cash | negative | realized | -0.4% | In February 2026, Arthur J. Gallagher & Co. used operating cash to repay a $140 million Series II note maturity at a fixed 4.85% rate due… |