S&P rates Willis Towers Watson notes BBB

S&P said it assigned its BBB debt rating to Willis Towers Watson plc’s proposed $1 billion senior unsecured notes.

According to the company, the notes will be split in two tranches, with a $600 million tranche maturing in 2028 and a $400 million tranche maturing in 2048. Both notes will be issued from Willis North America Inc. and will be guaranteed by Willis Towers Watson and its other guarantor subsidiaries.

Willis Towers Watson will use the proceeds of the offering partially to pay down the outstanding balance on its $1.25 billion revolving credit facility (which had $1.085 billion outstanding as of June 30, 2018), as well as the remaining $127 million on its term loan due in 2019, and for general corporate purposes.

“Our BBB long-term issuer credit rating on WLTW reflects the company's strong business risk profile and significant financial risk profile,” S&P said in a news release.

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