Published on 5/12/2022 in the Prospect News Investment Grade Daily.
New Issue: Willis North America sells $750 million 4.65% five-year notes at 185 bps spread
By Wendy Van Sickle
Columbus, Ohio, May 12 – Willis North America Inc. priced a $750 million offering of 4.65% five-year guaranteed senior notes (Baa3/BBB) on Thursday at a spread of 185 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.955 to yield 4.659%.
Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, BofA Securities, Inc., BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, PNC Capital Markets LLC and Truist Securities, Inc. are the bookrunners.
The notes will be guaranteed by Willis Towers Watson plc, Willis Towers Watson Sub Holdings Unlimited Co., Willis Netherlands Holdings BV, Willis Investment UK Holdings Ltd., TA I Ltd., Willis Towers Watson UK Holdings Ltd., Trinity Acquisition plc and Willis Group Ltd.
Proceeds will be used to repay all €540 million of the company’s remaining 2.125% senior notes due May 26, 2022, including accrued interest, 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.
| Issuer: | Willis North America Inc.
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| Guarantors: | Willis Towers Watson plc, Willis Towers Watson Sub Holdings Unlimited Co., Willis Netherlands Holdings BV, Willis Investment UK Holdings Ltd., TA I Ltd., Willis Towers Watson UK Holdings Ltd., Trinity Acquisition plc and Willis Group Ltd.
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| Amount: | $750 million
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| Issue: | Senior notes
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| Maturity: | June 15, 2027
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| Bookrunners: | Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, BofA Securities, Inc., BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, PNC Capital Markets LLC and Truist Securities, Inc.
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| Senior co-managers: | BMO Capital Markets Corp., Lloyds Securities Inc., M&T Securities, Inc., MUFG, Santander Investment Securities Inc., Standard Chartered Bank and TD Securities (USA) LLC
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| Trustee: | Computershare Trust Co., NA
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| Counsel to issuer: | Weil, Gotshal & Manges LLP (New York), Weil, Gotshal & Manges (London) LLP (England), Matheson (Ireland) and Baker & McKenzie Amsterdam NV (Netherlands)
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| Counsel to underwriters: | Simpson Thacher & Bartlett LLP
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| Coupon: | 4.65%
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| Price: | 99.955
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| Yield: | 4.659%
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| Spread: | Treasuries plus 185 bps
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| Call features: | Make-whole call before May 15, 2027 at greater of par and Treasuries plus 30 bps; thereafter at par
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| Trade date: | May 12
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| Settlement date: | May 19
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| Ratings: | Moody’s: Baa3
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| S&P: BBB
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| Distribution: | SEC registered
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| Cusip: | 970648AL5
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