Marsh & McLennan (MRSH) and certain units have signed a new $4.25 billion multi-currency unsecured five-year revolving credit facility with Citibank (C), the insurance broker said Thursday.

The facility bears interest at a rate based on Term SOFR plus a fixed margin that depends on the company's credit ratings, the company said in a regulatory filing.

The new credit facility expires in June 2031 and requires the company to maintain certain coverage and leverage ratios that will be tested quarterly, it said.

Marsh & McLennan said Thursday that, in connection with the new facility, it terminated on Monday its existing $3.5 billion, five-year revolving credit facility dated October 2023.