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NEW YORK, October 30, 2024--(BUSINESS WIRE)--Marsh McLennan (NYSE: MMC) (the "Company") announced today that it has priced $950 million aggregate principal amount of its 4.550% Senior Notes due 2027, $1,000 million aggregate principal amount of its 4.650% Senior Notes due 2030, $1,000 million aggregate principal amount of its 4.850% Senior Notes due 2031, $2,000 million aggregate principal amount of its 5.000% Senior Notes due 2035, $500 million aggregate principal amount of its 5.350% Senior Notes due 2044, $1,500 million aggregate principal amount of its 5.400% Senior Notes due 2055 and $300 million aggregate principal amount of its Floating Rate Senior Notes due 2027 (collectively, the "Notes"). The Company intends to use the net proceeds from the Notes offering to fund, in part, the pending acquisition (the "Transaction") of the parent company of McGriff Insurance Services, LLC, an affiliate of TIH Insurance Holdings, including the payment of related fees and expenses, as well as for general corporate purposes. The Transaction is targeted to close by year-end, subject to regulatory approval and other standard closing conditions. The closing of the Notes offering is not conditioned upon the closing of the Transaction and is expected to occur on November 8, 2024, subject to the satisfaction of certain customary closing conditions.
All series of Notes (other than the 5.400% Senior Notes due 2055 (the "2055 Notes")) are subject to a special mandatory redemption, at a redemption price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest to, but excluding, the special mandatory redemption date, under certain circumstances if the Transaction is terminated or does not close by an agreed upon date. If the Transaction is not completed, the Company intends to use the net proceeds of the 2055 Notes for general corporate purposes.
Citigroup Global Markets Inc., BofA Securities, Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Barclays Capital Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc. are acting as joint book-running managers for the Notes offering. Academy Securities, Inc., ANZ Securities, Inc., BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, CIBC World Markets, Corp., ING Financial Markets LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, Siebert Williams Shank & Co., LLC and Standard Chartered Bank are acting as co-managers for the Notes offering.