Willis North America Inc. completed a registered offering of $450 million of 2.950% senior unsecured notes due 2029 and $550 million of 3.875% senior unsecured notes due 2049.
Interest will be paid March 15 and Sept. 15 of each year, starting March 15, 2020.
Net proceeds from the offering, after deducting underwriter discounts and commissions and estimated offering expenses, will be about $988 million. The company will use the net proceeds to prepay approximately $634 million under its term loan facility and related accrued interest, repay approximately $354 million under its revolving credit facility and related accrued interest, and for general corporate purposes.
The notes are fully and unconditionally guaranteed by parent Willis Towers Watson PLC and some of its direct and indirect subsidiaries.
BofA Securities Inc., Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC are the joint book-running managers for the offering. HSBC Bank PLC, MUFG Securities Americas Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are senior co-managers, while BMO Capital Markets Corp., BNP Paribas Securities Corp., M&T Securities Inc., Santander Investment Securities Inc., Standard Chartered Bank and TD Securities (USA) LLC are co-managers for the offering.
