Published on 5/10/2023 in the Prospect News Investment Grade Daily.
New Issue: Willis North America sells $750 million 5.35% 10-year notes at Treasuries plus 195 bps
By Wendy Van Sickle
Columbus, Ohio, May 10 – Willis North America Inc. priced a $750 million offering of 5.35% 10-year guaranteed senior notes (Baa3/BBB+) on Wednesday at a spread of 195 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.733 to yield 5.385%.
Barclays, BofA Securities, Inc., PNC Capital Markets LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC are the bookrunners.
The notes will be guaranteed by Willis Towers Watson plc, Willis Towers Watson Sub Holdings Unlimited Co., Willis Netherlands Holdings BV, Willis Investment UK Holdings Ltd., TA I Ltd., Willis Towers Watson UK Holdings Ltd., Trinity Acquisition plc and Willis Group Ltd.
Proceeds will be used to repay the approximately $250 million remaining of the 4.625% senior notes due 2023 and the related accrued interest and for general corporate purposes.
The company is a subsidiary of Willis Towers Watson plc, a London-based global risk adviser and insurance and reinsurance broker.
| Issuer: | Willis North America Inc.
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| Guarantors: | Willis Towers Watson plc, Willis Towers Watson Sub Holdings Unlimited Co., Willis Netherlands Holdings BV, Willis Investment UK Holdings Ltd., TA I Ltd., Willis Towers Watson UK Holdings Ltd., Trinity Acquisition plc and Willis Group Ltd.
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| Amount: | $750 million
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| Issue: | Senior notes
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| Maturity: | May 15, 2033
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| Bookrunners: | Barclays, BofA Securities, Inc., PNC Capital Markets LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC
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| Senior co-managers: | BMO Capital Markets Corp., Goldman Sachs & Co. LLC, Lloyds Securities Inc., M&T Securities, Inc., MUFG Securities Americas Inc., Santander Investment Securities Inc., Standard Chartered Bank and TD Securities (USA) LLC
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| Trustee: | Computershare Trust Co., NA
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| Counsel to issuer: | Weil, Gotshal & Manges LLP (New York), Weil, Gotshal & Manges (London) LLP (England), Matheson (Ireland) and Baker & McKenzie Amsterdam NV (Netherlands)
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| Counsel to underwriters: | Simpson Thacher & Bartlett LLP
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| Coupon: | 5.35%
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| Price: | 99.733
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| Yield: | 5.385%
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| Spread: | Treasuries plus 195 bps
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| Call features: | Make-whole call before Feb. 15, 2033 at greater of par and Treasuries plus 30 bps; thereafter at par
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| Trade date: | May 10
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| Settlement date: | May 17
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| Ratings: | Moody’s: Baa3
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| S&P: BBB+
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| Distribution: | SEC registered
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| Cusip: | 970648AM3
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