Willis Group to redeem Trinity's 12.875% notes with new notes proceeds

By Toni Weeks

San Diego, March 14 - Willis Group Holdings plc will use the net proceeds from its planned offering of senior notes due 2016 and senior notes due 2021 to repurchase and/or redeem $465 million of 12.875% notes due Dec. 16, 2016 issued by Trinity Acquisition plc, Willis Group's indirect wholly owned subsidiary, and for general corporate purposes, according to an 8-K filed Monday with the Securities and Exchange Commission.

Willis has entered into an agreement with noteholders to repurchase the 12.875% notes at par plus accrued interest plus a make-whole amount that will be computed using a 2.25% discount to the make-whole redemption amount provided in the indenture governing the notes.

If the closing were to take place on March 17, the repurchase price would be 131.407 plus accrued interest. The closing of the repurchase must occur on or prior to March 31 or the agreement will be terminated.

The noteholders involved are GSMP V Onshore International, Ltd., GSMP V Offshore International, Ltd., GSMP V Institutional International, Ltd., GSLP I Offshore Investment Fund A, LP, GSLP I Offshore Investment Fund B, LP, GSLP I Offshore Investment Fund C, LP, GSLP I Onshore Investment Fund, LLC, Highbridge Mezzanine Partners Onshore Lux SARL, Highbridge Mezzanine Partners Offshore Lux SARL and Highbridge Mezzanine Partners Institutional Lux SARL.

Willis is a London-based insurance broker.

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