Published on 5/11/2017 in the Prospect News Investment Grade Daily.
New Issue: Willis North America sells $650 million 3.6% seven-year notes at 140 bps spread
By Cristal Cody
Tupelo, Miss., May 11 – Willis North America Inc. priced a $650 million offering of 3.6% seven-year guaranteed senior notes (Baa3/BBB/BBB) on Thursday at a spread of Treasuries plus 140 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.914 to yield 3.614%.
Barclays, J.P. Morgan Securities LLC, BofA Merrill Lynch, HSBC Bank plc, MUFG, PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to pay down borrowings under the company’s revolving credit facility, to repay its notes due March 28, 2017, to pay down borrowings under its original term loan facility and original revolving credit facility 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 Holding Ltd., TA I Ltd., WTW Bermuda Holdings Ltd., Trinity Acquisition plc and Willis Group Ltd.
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Amount: | $650 million
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Description: | Senior notes
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Maturity: | May 15, 2024
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Bookrunners: | Barclays, J.P. Morgan Securities LLC, BofA Merrill Lynch, HSBC Bank plc, MUFG, PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities LLC
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Senior co-managers: | BMO Capital Markets Corp., Citigroup Global Markets Inc. and BNP Paribas Securities Corp.
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Co-managers: | Santander Investment Securities Inc., Standard Chartered Bank and TD Securities (USA) LLC
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Coupon: | 3.6%
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Price: | 99.914
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Yield: | 3.614%
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Spread: | Treasuries plus 140 bps
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Call features: | Make-whole call before March 15, 2024 at greater of par and Treasuries plus 20 bps; thereafter at par
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Trade date: | May 11
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Settlement date: | May 16
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Ratings: | Moody’s: Baa3
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| S&P: BBB
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| Fitch: BBB
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Distribution: | SEC registered
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