By Aleesia Forni
New York, March 17 – Willis Towers Watson plc sold $1 billion of senior notes in two parts on Thursday, according to a market source.
The sale (Baa3/BBB/BBB) included $450 million of 3.5% five-year notes priced at 99.578 to yield 3.526%, or Treasuries plus 215 basis points.
And $550 million of 4.4% 10-year bonds sold at Treasuries plus 255 bps. The notes sold at a price of 99.578 to yield 4.453%.
Both tranches sold at the tight end of price guidance.
The notes were issued by Trinity Acquisition plc.
BofA Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Barclays and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to repay $300 million under a revolving credit facility and tranche B term loans under a bridge loan facility, with any remaining proceeds to be used to pay down amounts outstanding under a revolving credit facility.
The guarantors are Willis Towers Watson plc, Willis Towers Watson Sub Holdings Ltd., Willis Netherlands Holdings BV, Willis Investment UK Holdings Ltd., TA I Ltd., WTW Bermuda Holdings Ltd., Willis Group Ltd. and Willis North America Inc.
The global risk adviser and insurance and reinsurance broker is based in London.
| Issuer: | Trinity Acquisition plc
|
| Guarantors: | Willis Towers Watson plc, Willis Towers Watson Sub Holdings Ltd., Willis Netherlands Holdings BV, Willis Investment UK Holdings Ltd., TA I Ltd., WTW Bermuda Holdings Ltd., Willis Group Ltd., Willis North America Inc.
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Barclays, Wells Fargo Securities LLC
|
| Financial advisor: | Willis Capital Markets & Advisory
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| Trade date: | March 17
|
| Settlement date: | March 22
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
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| Amount: | $450 million
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| Maturity: | Sept. 15, 2021
|
| Coupon: | 3.5%
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| Price: | 99.578
|
| Yield: | 3.526%
|
| Spread: | Treasuries plus 215 bps
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| Price guidance: | Treasuries plus 220 bps area
|
|
|
| 10-year notes
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| Amount: | $550 million
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| Maturity: | March 12, 2026
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| Coupon: | 4.4%
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| Price: | 99.578
|
| Yield: | 4.453%
|
| Spread: | Treasuries plus 255 bps
|
| Price guidance: | Treasuries plus 260 bps area
|
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|
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