Willis Towers Watson Public Limited Company (WTW) has announced the pricing of a registered offering by its subsidiary, Willis North America Inc. The offering consists of $700,000,000 aggregate principal amount of 4.550% senior unsecured notes due 2031 and $300,000,000 aggregate principal amount of 5.150% senior unsecured notes due 2036. The company expects the offering to close on December 22, 2025, subject to customary closing conditions.
The net proceeds from this offering, together with other potential funding sources, will be used to pay the consideration for the previously announced Newfront acquisition and related fees, costs, and expenses. Additionally, the proceeds will be used to repay $550 million aggregate principal amount of the 4.400% senior notes due 2026 and related accrued interest, resulting in the full repayment of the 4.400% senior notes due 2026. If the Newfront acquisition does not close, the net proceeds from the offering, along with cash on hand, will be used for the repayment in full of the 4.400% senior notes due 2026 and the redemption of the 2036 notes pursuant to a special mandatory redemption. Any remaining proceeds will be used for general corporate purposes.
The joint book-running managers for the offering are J.P. Morgan Securities LLC, Barclays Capital Inc., PNC Capital Markets LLC, Truist Securities, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., and HSBC Securities (USA) Inc. The co-managers for the offering are BMO Capital Markets Corp., Goldman Sachs & Co. LLC, TD Securities (USA) LLC, Santander US Capital Markets LLC, Standard Chartered Bank, MUFG Securities Americas Inc., Lloyds Securities Inc., and M&T Securities, Inc.
The offering was made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission. Interested parties may obtain copies of the prospectus and prospectus supplement by contacting the respective book-running managers and co-managers.
WTW, a leading global advisory, broking, and solutions company, operates in 140 countries and markets, providing data-driven, insight-led solutions in the areas of people, risk, and capital. The company aims to help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce, and maximize performance. Following these announcements, the company's shares moved -0.6%, and are now trading at a price of $328.795. If you want to know more, read the company's complete 8-K report here.
