LONDON - Willis Towers Watson (NASDAQ:WTW) Public Limited Company (NASDAQ:WTW), a global advisory, broking, and solutions firm, has priced a $750 million offering of senior unsecured notes due in 2054, with an interest rate of 5.900%. The offering, conducted by its indirect wholly-owned subsidiary Willis North America Inc., is expected to close on March 5, 2024, subject to customary closing conditions.
The company has stated that the net proceeds from this offering will be used primarily to repay its 3.600% Senior Notes due in 2024, totaling approximately $650 million, including related accrued interest. This repayment will settle the 2024 notes in full. The remaining funds will be allocated for general corporate purposes.
The notes will be guaranteed by Willis Towers Watson and certain of its direct and indirect subsidiaries. The joint book-running managers for the offering include major financial institutions such as BNP Paribas (OTC:BNPQY) Securities Corp., BofA Securities, Inc., and Citigroup Global Markets Inc., among others. Co-managers for the offering feature a range of banks and securities firms including BMO Capital Markets Corp., Goldman Sachs & Co. LLC, and TD Securities (USA) LLC.
The offering is being made through an effective shelf registration statement filed with the Securities and Exchange Commission. Interested parties can obtain the prospectus and accompanying prospectus supplement through calls to the respective book-running managers.
Willis Towers Watson is recognized for its data-driven, insight-led solutions in areas such as risk management, capital strategy, and workforce motivation. The company operates in 140 countries, providing a blend of global perspective and local expertise to its clients.
The information is based on a press release statement.
InvestingPro Insights
As Willis Towers Watson Public Limited Company (NASDAQ:WTW) moves forward with its significant $750 million senior unsecured notes offering, investors are closely watching the company's financial health and market performance. Here are some key insights derived from InvestingPro that could be valuable for stakeholders:
WTW's market capitalization stands at a robust 28.18 billion USD, reflecting the company's substantial presence in the industry. With a P/E ratio of 27.39 and an adjusted P/E ratio for the last twelve months as of Q4 2023 at 20.35, the company trades at a premium relative to its near-term earnings growth. This could suggest investor confidence in the firm's future prospects or a market that is pricing in potential growth and stability.
The company has demonstrated a commitment to shareholder returns, having raised its dividend for 7 consecutive years and maintained dividend payments for 21 consecutive years. This is a testament to WTW's financial discipline and its focus on delivering consistent value to its shareholders.
InvestingPro Tips highlight that WTW has experienced a large price uptick over the last six months, with a 34.2% six-month price total return as of the date provided. This performance places the company's stock price near its 52-week high, at 98.64% of the peak. Investors considering WTW should note that 8 analysts have revised their earnings downwards for the upcoming period, which may impact future stock performance.
For those looking to delve deeper into WTW's financials and market predictions, InvestingPro offers additional insights. Currently, there are more InvestingPro Tips available for WTW, which investors can access to inform their decisions. To explore these further, visit https://www.investing.com/pro/WTW and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.