Published on 9/5/2018 in the Prospect News Investment Grade Daily.
New Issue: Willis North America prices $1 billion guaranteed notes in two parts
By Cristal Cody
Tupelo, Miss., Sept. 5 – Willis North America Inc. priced a $1 billion two-part offering of guaranteed senior notes (Baa3/BBB/BBB) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The $600 million tranche of 4.5% 10-year notes priced at 99.967 to yield 4.504%, or a spread of Treasuries plus 160 basis points.
Willis sold $400 million of 5.05% 30-year notes at 99.647 to yield 5.073%. The bonds priced with a Treasuries plus 200 bps spread.
Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., 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 repay about $862 million under the company’s revolving credit facility and prepay all $127.5 million under the Towers Watson dividend 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.
|
| Guarantors: | Willis Towers Watson plc, Willis Towers Watson Sub Holdings Unlimited Co., Willis Netherlands Holdings BV, Willis Investment UK Holding Ltd., TA I Ltd., Willis Tower Watson UK Holdings Ltd., Willis Group Ltd. and Trinity Acquisition plc
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., 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
|
| Senior co-managers: | BMO Capital Markets Corp. and BNP Paribas Securities Corp.
|
| Co-managers: | Santander Investment Securities Inc., Standard Chartered Bank and TD Securities (USA) LLC
|
| Trade date: | Sept. 5
|
| Settlement date: | Sept. 10
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $600 million
|
| Maturity: | Sept. 15, 2028
|
| Coupon: | 4.5%
|
| Price: | 99.967
|
| Yield: | 4.504%
|
| Spread: | Treasuries plus 160 bps
|
| Call features: | Make-whole call before June 15, 2028 at greater of par and Treasuries plus 25 bps; thereafter at par
|
|
|
| 30-year notes
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| Amount: | $400 million
|
| Maturity: | Sept. 15, 2048
|
| Coupon: | 5.05%
|
| Price: | 99.647
|
| Yield: | 5.073%
|
| Spread: | Treasuries plus 200 bps
|
| Call features: | Make-whole call before March 15, 2048 at greater of par and Treasuries plus 30 bps; thereafter at par
|
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