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Willis plans to sell fixed-rate senior notes via nine bookrunners
By Mary-Katherine Stinson
Lexington, Ky., Feb. 27 – Willis North America Inc. plans to price an offering of dollar-denominated fixed-rate senior notes, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will have a make-whole call until some months before maturity and then a par call.
The notes have an optional par call for taxation reasons and would become putable at 101 in the case of a change-of-control triggering event.
BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are leading the sale. Barclays, PNC Capital Markets LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC are also listed as bookrunners.
Computershare Trust Co., NA will be the trustee.
Counsel to the issuer is provided by Weil, Gotshal & Manges LLP (New York), Weil, Gotshal & Manges (London) LLP (England), Matheson LLP (Ireland) and Baker & McKenzie Amsterdam NV (Netherlands). Counsel to the underwriters is provided by Simpson Thacher & Bartlett LLP.
The notes will be guaranteed by Willis Towers Watson plc, Willis Towers Watson Sub Holdings ULC, 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 the approximately $650 million aggregate principal amount of the 3.6% senior notes due 2024 and related accrued interest and for general corporate purposes.
The company is a subsidiary of Willis Towers Watson, a London-based global risk adviser and insurance and reinsurance broker.
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