By Aleesia Forni
Virginia Beach, Va., Aug. 8 - Willis Group (Baa3/BBB-/) priced on Thursday an upsized $525 million two-tranche offering of 10- and 30-year notes, according to a market source.
The company sold $250 million 4.625% 10-year notes at a spread of 212.5 basis points over Treasuries. The notes priced at 99.439 to yield 4.696%.
The notes were talked in the Treasuries plus 225 bps area.
There was also a $275 million tranche of 30-year bonds priced with a spread of Treasuries plus 250 bps. The bonds sold at 99.605 to yield 6.154%.
The bonds were talked in the Treasuries plus 262.5 bps area.
The notes were issued by Trinity Acquisition plc and guaranteed by Willis Group Holdings plc, Willis Netherlands Holdings BV, Willis Investment UK Holdings Ltd., TA I Ltd., Willis Group Ltd. and Willis North America Inc.
Barclays, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Lloyds Securities, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC were the joint bookrunners for the deal.
Proceeds, together with cash on hand, will be used to purchase outstanding notes of Willis North America that are validly tendered and accepted for payment under the company's tender offer.
Remaining proceeds will be used for general corporate purposes.
Willis Group is a global risk adviser and insurance and reinsurance broker based in London.
| Issuer: | Trinity Acquisition plc
|
| Guarantors: | Willis Group Holdings plc, Willis Netherlands Holdings BV, Willis Investment UK Holdings Ltd., TA I Ltd., Willis Group Ltd., Willis North America Inc.
|
| Issue: | Notes
|
| Amount: | $525 million, upsized from $500 million
|
| Bookrunners: | Barclays, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Lloyds Securities, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC
|
| Trade date: | Aug. 8
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
|
|
| 10-year notes
|
| Amount: | $250 million
|
| Maturity: | Aug. 15, 2023
|
| Coupon: | 4.625%
|
| Price: | 99.439
|
| Yield: | 4.696%
|
| Spread: | Treasuries plus 212.5 bps
|
| Price talk: | Treasuries plus 225 bps area
|
|
|
| 30-year bonds
|
| Amount: | $275 million
|
| Maturity: | Aug. 14, 2043
|
| Coupon: | 6.125%
|
| Price: | 99.605
|
| Yield: | 6.154%
|
| Spread: | Treasuries plus 250 bps
|
| Price talk: | Treasuries plus 262.5 bps area
|
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