By Andrea Heisinger
New York, Sept. 22 - Willis North America Inc. priced an upsized $300 million of 7% 10-year senior notes Tuesday to yield Treasuries plus 362.5 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The size was initially announced at $250 million in a filing with the SEC.
The notes (Baa3/BBB-/) priced at 99.503 to yield 7.071%. There is a make-whole call at Treasuries plus 50 bps.
Bookrunners were Bank of America Merrill Lynch and J.P. Morgan Securities Inc. Joint lead managers were RBS Securities Inc. and SunTrust Robinson Humphrey Inc.
Co-managers were Barclays Capital Inc., ING Financial Markets, Lloyds TSB Bank, Mitsubishi UFJ Securities, Morgan Stanley & Co. Inc. and Scotia Capital (USA) Inc.
Proceeds will be used to purchase any and all outstanding notes due 2010 and for general corporate purposes.
The deal is guaranteed by Willis Group Holdings Ltd.
The global insurance broker is based in London.
| Issuer: | Willis North America Inc.
|
| Guarantor: | Willis Group Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | Sept. 29, 2019
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc.
|
| Lead managers: | RBS Securities Inc., SunTrust Robinson Humphrey Inc.
|
| Co-managers: | Barclays Capital Inc., ING Financial Markets, Lloyds TSB Bank, Mitsubishi UFJ Securities, Morgan Stanley & Co. Inc., Scotia Capital (USA) Inc.
|
| Coupon: | 7%
|
| Price: | 99.503
|
| Yield: | 7.071%
|
| Spread: | Treasuries plus 362.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Sept. 22
|
| Settlement date: | Sept. 29
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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