Morningstar and certain of its subsidiaries entered into an amended and restated credit agreement with Bank of America. The credit agreement amends the company’s prior credit agreement, dated July 18, 2014, with Bank of America and provides the company with a three-year revolving credit facility with a borrowing capacity of up to $300 million. The agreement also provides for the issuance of up to $25 million of letters of credit under the revolving credit facility. The amended credit agreement expires on November 4, 2019.

The company expects additional borrowings under the amended credit agreement to fund its planned acquisition of the remaining ownership interest in PitchBook Data for approximately $180 million (subject to working capital adjustments) and for working capital, capital expenditures, and other corporate purposes.

The company’s obligations under the agreement are unconditionally guaranteed by the company’s subsidiaries, Morningstar Investment Management and Morningstar Research Services, and will in the future be guaranteed by any other domestic subsidiary of the company (with certain exceptions) that contributes 10% or more of the consolidated revenue of the company in any fiscal year.