| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2011 > News item |
Marsh & McLennan tenders for up to $500 million 5.375%, 5.75% notes
By Angela McDaniels
Tacoma, Wash., June 27 - Marsh & McLennan Cos., Inc. began tender offers for up to $250 million principal amount of its $650 million of 5.375% notes due 2014 and up to $250 million principal amount of its $750 million of 5.75% notes due 2015, according to a company news release.
The total payment for the notes will be set by reference to a fixed spread over the yield to maturity of a reference Treasury security as of 2 p.m. ET on July 12. The spread is 115 basis points for the 5.375% notes and 105 bps for the 5.75% notes. The reference security is the 0.75% Treasury due June 15, 2014 for the 5.375% notes and the 1.75% Treasury due March 31, 2016 for the 5.75% notes.
The total payment will include an early tender premium of $30 for each $1,000 principal amount of notes tendered by 5 p.m. ET on July 11, the early tender date.
Holders will also receive accrued interest up to but excluding the settlement date.
The company plans to accept for payment all notes tendered by the early tender date, subject to the caps. If the cap for a series of notes is exceeded as of the early tender date, the company may not accept any notes tendered after the early tender date.
The company has the option to settle any notes tendered and accepted by the early tender date on an early settlement date.
The tender offers will expire at 11:59 p.m. ET on July 25.
The company plans to fund the offer with a combination of cash on hand, borrowings under its revolving credit facility and/or a new debt financing, if any. The tender offers are conditioned on financing and the receipt of at least $250 million principal amount of notes.
The dealer managers are Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) and Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106). The information agent is D.F. King & Co., Inc. (800 549-6746 or, for banks and brokers, 212 269-5550).
Marsh & McLennan Cos. is a professional services firm based in New York.
© 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.