Willis Group subsidiary extends revolving facility by one year

By Marisa Wong

Madison, Wis., March 2 – Willis Group Holdings plc’s wholly owned indirect subsidiary, Willis Securities, Inc., entered into a second amendment to its revolving note and cash subordination agreement dated March 3, 2014 with SunTrust Bank as the administrative agent on Feb. 27, according to an 8-K filing with the Securities and Exchange Commission.

Under the original credit agreement, the lenders provided Willis Securities with a $400 million revolving note facility that was available for drawing from April 28, 2014 through April 28, 2015, with all advances to be repaid on or before April 28, 2016.

Under the amendment, all of the lenders under the credit facility agreed to extend the end date of the credit period to April 28, 2016 and extend the repayment date to April 28, 2017.

In addition, among other changes, Willis Securities will be permitted to incur up to $400 million of debt that are proceeds of borrowings under the Trinity Acquisition Ltd. credit facilities and will have the ability to borrow in euro, yen and other approved currencies. Trinity Acquisition is another Willis indirect wholly owned subsidiary.

Also on Feb. 27, Willis and Trinity Acquisition entered into a second amendment to the credit agreement dated Dec. 16, 2011 with Barclays Bank plc and SunTrust Bank as lead arrangers and Barclays as administrative agent.

Under the Trinity Acquisition credit agreement, the lenders provided Trinity Acquisition with $1,081,250,000 in financing through an $800 million senior revolving credit facility and a $281.25 million senior term loan facility.

The latest amendment, among other things, permits Willis Securities to incur up to $800 million of debt for the purpose of investing in underwritten securities in the ordinary course of business. Up to $400 million of that debt may be proceeds or borrowings under the Trinity Acquisition facilities.

Willis is a London-based insurance broker.

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