MARSH & MCLENNAN COMPANIES, INC. 8-K

What Happened

• Marsh & McLennan Companies, Inc. (filed 8-K June 4, 2026) announced it and certain subsidiaries entered into an Amended and Restated 5‑Year Credit Agreement dated June 2, 2026. The agreement establishes a multi‑currency, unsecured $4.25 billion five‑year revolving credit facility (the “New Facility”) with Citibank, N.A. as administrative agent. The New Facility matures in June 2031 and replaces the company’s prior $3.5 billion five‑year revolving facility (terminated June 2, 2026).

Key Details

• Facility size: $4.25 billion, multi‑currency, unsecured, five‑year revolving credit line (expires June 2031).
• Interest: Based on Term SOFR plus a fixed margin that varies with the company’s credit ratings.
• Covenants: Requires the company to maintain certain coverage and leverage ratios, tested quarterly.
• Replacement: The prior $3.5 billion facility dated October 11, 2023 was terminated in connection with the New Facility.

Why It Matters

• Liquidity/backstop: The new $4.25B revolver provides Marsh & McLennan with committed liquidity for working capital, acquisitions, or other needs and replaces its prior facility with a larger line.
• Cost of borrowing tied to ratings: Because the margin is linked to credit ratings, the company’s borrowing costs could rise if its ratings weaken (and fall if ratings improve).
• Financial covenants: Quarterly coverage and leverage tests are conditions investors should monitor, as they can affect flexibility and financing options if metrics change.

(Full text of the Amended and Restated Credit Agreement is filed as Exhibit 10.1 to the 8‑K.)