Willis intends to sell $275 million additional 2.95% notes due 2029

By Devika Patel

Knoxville, Tenn., May 21 – Willis North America Inc. will conduct a $275 million add-on offering of 2.95% senior notes due Sept. 15, 2029 (Baa3/BBB/BBB), according to a 424B2 filing with the Securities and Exchange Commission.

The company previously sold $450 million of the notes at 99.819 to yield 2.971%, or Treasuries plus 150 basis points, in a sale that priced on Sept. 3, 2019 and settled on Sept. 10, 2019.

The notes have a make whole call at Treasuries plus 25 bps until June 15, 2029 and are callable at par after that.

BofA Securities Inc. and HSBC Securities (USA) Inc. are the bookrunners.

Proceeds will be used to reduce debt under the company’s term loan facility, to repay debt under its revolving credit 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.

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