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Note 18 - Subsequent Event
6 Months Ended
Feb. 28, 2019
Notes to Financial Statements  
Subsequent Events [Text Block]
18
.
SUBSEQUENT EVENT
 
2019
Credit Agreement
 
On
March 29, 2019,
the Company entered into the
2019
Credit Agreement between FactSet, as the borrower, and PNC, as the administrative agent and lender. The
2019
Credit Agreement provides for a
$750.0
million revolving credit facility. FactSet
may
request borrowings under the
2019
Revolving Credit Facility until its maturity date of
March 29, 2024.
The
2019
Credit Agreement also allows FactSet, subject to certain requirements, to arrange for additional borrowings with PNC for an aggregate amount of up to
$500.0
million, provided that any such request for additional borrowings must be in a minimum amount of
$25.0
million. Borrowings under the loan bear interest on the outstanding principal amount at a rate equal to the daily LIBOR rate plus a spread using a debt leverage pricing grid currently at
0.875%.
Interest on the loan outstanding is payable quarterly in arrears and on the maturity date. In conjunction with FactSet’s entrance into the
2019
Credit Agreement, FactSet borrowed
$575.0
million of the available
$750.0
million provided by the
2019
Revolving Credit Facility, in the form of a LIBOR rate loan. FactSet will pay a commitment fee on the undrawn amount. On
March 29, 2019
the borrowings from the
2019
Credit Agreement were used to retire all outstanding debt under the
2017
Credit Agreement.