Morningstar, Inc. (MORN) Form 8-K Summary (10/31/2025)

Morningstar entered a New Credit Agreement, replacing its 2022 facility.

• Facility Size: Up to $1.5 billion multi-currency capacity.
  • $750M 5-year Revolving Credit Facility (RCF).
  • $375M 5-year Delayed Draw Term Facility (A-1).
  • $375M 3-year Term Facility (A-2).
• Current Draw: $170.0 million drawn on the RCF (rollover from the old agreement).
• Purpose: Refinance existing debt, cover expenses, and general corporate use.
• Key Covenants:
  • __Consolidated Net Leverage Ratio