Willis Towers to repay $300 million revolver debt, some bridge loans

By Susanna Moon

Chicago, March 17 – Willis Towers Watson plc plans to repay $300 million under its revolving credit facility and some tranche B term loans under its bridge loan facility using proceeds of a new bond issue, according to a 424B2 filing with the Securities and Exchange Commission.

The bridge loan facility is due Dec. 19, 2016, and the effective interest rate of the tranche B term loans was about 1.99% as of March 17. The tranche B term loans were incurred to repay Towers Watson debt for the company’s merger, the filing noted.

The revolver matures on July 23, 2018, with the effective interest rate of the loans at about 1.76% as of March 17. Some of the debt under the revolver was incurred to repay $300 million principal amount of 4.125% senior notes due 2016 at maturity and $148 million principal amount of 5.625% senior notes due 2015 at maturity.

The company said it expects to incur additional debt in the future to repay its bridge loans due Dec. 19, 2016.

Willis Towers is planning a senior notes offering in two tranches, with the notes to be issued by Trinity Acquisition plc.

Remaining proceeds will be used to repay debt under a revolving credit facility.

Willis is a global risk adviser and insurance and reinsurance broker is based in London.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.