The notes offering is in addition to a $5bn notes issuance announced in January
Marsh parent company Marsh & McLennan Companies (MMC) has revealed the terms of two more bonds it is offering to finance the deal to acquire JLT.
The issuance announced today will generate €1.1bn. This is on top of the $5bn due to be raised through the issuance of six bonds announced in January.
The terms of the latest two bonds are as follows:
- €550 million aggregate principal amount of its 1.349% Senior Notes due 2026
- €550 million aggregate principal amount of its 1.979% Senior Notes due 2030
MMC confirmed the proceeds would go towards in part funding the JLT acquisition.
This includes “payment of related fees and expenses, and to repay certain JLT indebtedness, as well as for general corporate purposes.”
MMC stated that the closing of the notes offering is not contingent on the closing of the acquisition and is expected to occur on 21 March subject to customary conditions.
Goldman Sachs & Co. LLC, Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, HSBC Bank plc, Merrill Lynch International, Barclays Bank PLC and J.P. Morgan Securities plc are acting as joint book-running managers for the notes offering.
ANZ Securities, Inc., BNP Paribas, Drexel Hamilton, LLC, GC Securities, a division of MMC Securities LLC, MUFG Securities EMEA plc, PNC Capital Markets LLC, RBC Europe Limited, Scotiabank Europe plc, The Toronto-Dominion Bank, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC and The Williams Capital Group, L.P. are acting as co-managers for the Notes offering.
Marsh hopes to complete the acquisition of JLT this spring.
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