Willis North America prices $1B senior notes; proceeds tied to Newfront deal

WILLIS TOWERS WATSON PLC

Priced $700M 4.550% notes due 2031 and $300M 5.150% notes due 2036.
Net proceeds expected ~$990M; closing expected Dec 22, 2025.
If Newfront closes, proceeds used to pay acquisition consideration and repay $550M of 4.400% notes due 2026.
If Newfront does not close, proceeds to repay 4.400% notes and redeem the 2036 notes.
Offering is not contingent on close of Newfront acquisition.

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