By Cristal Cody
Tupelo, Miss., May 21 – Willis North America Inc. priced a $275 million add-on to its 2.95% senior notes due Sept. 15, 2029 (Baa3/BBB) on Thursday at 102.666 to yield 2.617%, or 195 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the 225 bps over Treasuries area.
The company previously sold $450 million of the notes at 99.819 to yield 2.971%, or Treasuries plus 150 bps, on Sept. 3, 2019.
The total outstanding is now $725 million.
BofA Securities Inc. and HSBC Securities (USA) Inc. were the bookrunners.
The notes are fully and unconditionally guaranteed by Willis Towers Watson plc, Willis Towers Watson Sub Holdings Unlimited Co., Willis Netherlands Holdings BV, Willis Investment UK Holding Ltd., TA I Ltd., Willis Tower Watson UK Holdings Ltd., Willis Group Ltd. and Trinity Acquisition plc.
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.
| Issuer: | Willis North America Inc.
|
| Guarantors: | Willis Towers Watson plc, Willis Towers Watson Sub Holdings Unlimited Co., Willis Netherlands Holdings BV, Willis Investment UK Holding Ltd., TA I Ltd., Willis Tower Watson UK Holdings Ltd., Willis Group Ltd. and Trinity Acquisition plc
|
| Amount: | $275 million reopening
|
| Maturity: | Sept. 15, 2029
|
| Description: | Senior notes
|
| Bookrunners: | BofA Securities Inc. and HSBC Securities (USA) Inc.
|
| Senior co-managers: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC
|
| Coupon: | 2.95%
|
| Price: | 102.666
|
| Yield: | 2.617%
|
| Spread: | Treasuries plus 195 bps
|
| Call features: | Make-whole call before June 15, 2029 at greater of par and Treasuries plus 25 bps; thereafter at par
|
| Change-of-control put: | 101%
|
| Trade date: | May 21
|
| Settlement date: | May 29
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 225 bps area
|
| Total outstanding: | $725 million, including $450 million of notes priced Sept. 3, 2019 at 99.819 to yield 2.971%, or Treasuries plus 150 bps
|
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