Willis Towers Watson PLC unit Willis North America Inc. completed an offering of $600 million aggregate principal amount of 4.500% senior notes due Sept. 15, 2028, and $400 million aggregate principal amount of 5.050% senior notes due Sept. 15, 2048.
Interest accrues on the notes from Sept. 10 and will be paid in cash March 15 and Sept. 15 of each year, beginning March 15, 2019. The notes are senior unsecured obligations of Willis North America.
Net proceeds, after deducting underwriter discounts and estimated offering expenses, will be about $989.5 million. Willis North America plans to use it to repay around $862.0 million under its parent's revolving credit facility as well as prepay in full $127.5 million under Towers Watson Delaware Inc. four-year term loan credit facility maturing December 2019. It also plans to use the proceeds for general corporate purposes.
Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc., HSBC Bank PLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC were the joint book-running managers for the offering. The senior co-managers were BMO Capital Markets Corp. and BNP Paribas Securities Corp. with Santander Investment Securities Inc., Standard Chartered Bank and TD Securities (USA) LLC as co-managers.