By Rebecca Melvin
New York, Sept. 13 – Willis North America Inc. sold $1 billion of senior notes in two parts on Tuesday, according an FWP filing with the Securities and Exchange Commission.
The notes are 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., Willis Group Ltd. and Trinity Acquisition plc.
The sale (Baa3/BBB/BBB) included $450 million of 2.95% 10-year notes, which priced at 99.819 to yield 2.971%, or Treasuries plus 150 basis points; and $550 million of 3.875% 30-year bonds, which sold at Treasuries plus 195 bps. Those notes sold at a price of 99.595 to yield 3.898%.
Joint bookrunning managers were BofA Securities, Inc., Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC.
Proceeds will be used to prepay debt under the company’s term loan facility, to pay down borrowings 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.
| Issuer: | Willis North America Inc.
|
| 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., Willis Group Ltd. and Trinity Acquisition plc
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC
|
| Trade date: | Sept. 3
|
| Settlement date: | Sept. 10
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $450 million
|
| Maturity: | Sept. 15, 2029
|
| Coupon: | 2.95%
|
| Price: | 99.819
|
| Yield: | 2.971%
|
| Spread: | Treasuries plus 150 bps
|
|
|
| 30-year notes
|
| Amount: | $550 million
|
| Maturity: | Sept. 15, 2049
|
| Coupon: | 3.875%
|
| Price: | 99.595
|
| Yield: | 3.898%
|
| Spread: | Treasuries plus 195 bps
|
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