WTW Prices Offering of $750,000,000 of Senior Notes

Rhea-AI Summary

Willis Towers Watson (NASDAQ: WTW) announced a registered offering of $750 million in 4.650% senior unsecured notes due 2027. The offering is conducted by its subsidiary, Willis North America, with the company guaranteeing payments. The proceeds will be used primarily to repay about €540 million of 2.125% senior notes due 2022 and for general corporate purposes. The offering is expected to close on May 19, 2022, pending customary conditions.

Positive

• Successful pricing of $750 million in senior unsecured notes.
• Intended use of proceeds to repay existing debt, enhancing financial stability.

Negative

• None.

ARLINGTON, Va. and LONDON, May 12, 2022 (GLOBE NEWSWIRE) -- Willis Towers Watson Public Limited Company (NASDAQ: WTW) (the “Company” or “WTW”), a leading global advisory, broking and solutions company, today announced the pricing of a registered offering (the “Offering”) by Willis North America Inc. (“Willis North America”), an indirect wholly-owned subsidiary of the Company, of $750,000,000 aggregate principal amount of 4.650% senior unsecured notes due 2027 (the “notes”). Payment of principal and interest on the notes will be fully and unconditionally guaranteed by the Company, and certain direct and indirect subsidiary entities of the Company. The Company expects the Offering to close on May 19, 2022, subject to the satisfaction of customary closing conditions.

Willis North America intends to use the net proceeds of the Offering to (i) repay approximately €540 million aggregate principal amount of the 2.125% Senior Notes due 2022 and related accrued interest, which will result in the repayment in full of the 2.125% Senior Notes due 2022, and (ii) for general corporate purposes. The joint book-running managers for the Offering are Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Barclays Capital Inc., BofA Securities, Inc., BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, PNC Capital Markets LLC and Truist Securities, Inc. The senior co-managers for the Offering are BMO Capital Markets Corp., Lloyds Securities Inc., M&T Securities, Inc., MUFG Securities Americas Inc., Santander Investment Securities Inc., Standard Chartered Bank and TD Securities (USA) LLC.

The Offering was made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission. The Offering may be made only by means of a prospectus supplement and accompanying prospectus. Interested parties may obtain copies of the prospectus and prospectus supplement by calling Citigroup Global Markets Inc. toll-free at 1-800-831-9146, HSBC Securities (USA) Inc. toll-free at 1-888-525-5757, J.P. Morgan Securities LLC collect at 1-212-834-4533 or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.

This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, any securities. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful.

About WTW

At WTW, we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

Contact

INVESTORS

Claudia De La Hoz | Claudia.Delahoz@wtwco.com

FAQ

What did Willis Towers Watson announce on May 12, 2022?

Willis Towers Watson announced a registered offering of $750 million in senior unsecured notes due 2027.

What will the proceeds from the WTW offering be used for?

The proceeds will be used to repay approximately €540 million of 2.125% senior notes due 2022 and for general corporate purposes.

When is the offering by Willis Towers Watson expected to close?

The offering is expected to close on May 19, 2022, subject to customary closing conditions.

What are the specifics of the senior unsecured notes offered by WTW?

The offering consists of $750 million aggregate principal amount of 4.650% senior unsecured notes due 2027.

Who are the joint book-running managers for the WTW offering?

The managers include Citigroup, HSBC, J.P. Morgan, Wells Fargo, Barclays, BofA Securities, BNP Paribas, Goldman Sachs, PNC, and Truist Securities.