Willis Towers Watson issues $1B in senior notes to fund Newfront acquisition & refinance debt

WILLIS TOWERS WATSON PLC

Issued $700M 4.550% notes due 2031 and $300M 5.150% notes due 2036; net proceeds ~$990M.
Proceeds intended for Newfront acquisition and to repay $550M of 4.400% notes due 2026.
If Newfront acquisition does not close, proceeds repay 2026 notes and trigger special mandatory redemption of 2036 notes.
Notes are senior unsecured obligations guaranteed by parent and several subsidiaries.
Interest payable semi-annually starting Sept 15, 2026; maturities March 15, 2031 and 2036.

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