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Willis to pay down revolver, term loans via two-part notes issue
By Susanna Moon
Chicago, Sept. 5 – Willis North America Inc. plans to repay its revolving credit facility due March 7, 2022 and to prepay its $127.5 million four-year term loan credit facility.
The company plans to make the paydowns using proceeds of new fixed-rate senior notes in two tranches, according to a 424B2 filing with the Securities and Exchange Commission
The term loan, also called the Towers Watson dividend facility, is due Dec. 28, 2019. The effective interest rate of loans was 3.3% on Aug. 29.
Towers Watson is party to the term loan facility dated Nov. 20, 2015 with Bank of America, NA as administrative agent for the $340 million in term loans.
For the revolver, the effective interest rate of loans was also about 3.3% on Aug. 29.
Proceeds of the new issue will also be used 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.
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