Itasca, Ill.-based Arthur J. Gallagher & Co. said it issued $400 million in senior unsecured notes through a private placement.
The bonds are divided into two series: Series A for $100 million due in 2014 and bearing interest at 6.26 percent. Series B for $300 million due in 2017 and bearing interest at 6.44 percent.
Gallagher said the net proceeds of the bond offering will be used for general corporate purposes including the repayment of its existing revolving credit borrowings, acquisitions and stock repurchases.
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