On May 12, 2022, Willis North America Inc., a Delaware corporation (the “Issuer”), priced an offering of $750,000,000 aggregate principal amount of the Issuer’s 4.650% Senior Notes due 2027 (the “Notes”). The Notes will be fully and unconditionally guaranteed by Willis Towers Watson Public Limited Company, an Irish public limited company and parent company of the Issuer (without any of its consolidated subsidiaries, the “Parent”), Willis Towers Watson Sub Holdings Unlimited Company, a company organized under the laws of Ireland, Willis Netherlands Holdings B.V., a company organized under the laws of the Netherlands, and Willis Investment UK Holdings Limited, TA I Limited, Willis Towers Watson UK Holdings Limited, Trinity Acquisition plc and Willis Group Limited, companies organized under the laws of England and Wales (collectively, the “Guarantors”).
The Notes were sold in a public offering pursuant to a Registration Statement on Form S-3 (File No. 333-263086), and a related prospectus and prospectus supplement filed with the Securities and Exchange Commission. We expect the offering to close on May 19, 2022, subject to the satisfaction of customary closing conditions.
The Issuer and the Guarantors entered into an underwriting agreement, dated May 12, 2022 (the “Underwriting Agreement”), with Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, in connection with the issuance and sale of the Notes and the related guarantees. In connection with the offering of the Notes, Parent is filing as Exhibit 1.1 hereto the Underwriting Agreement. Such exhibit is incorporated by reference into the Registration Statement.
We expect the net proceeds from this offering, after deducting the underwriting discount and estimated offering expenses, will be approximately $744 million. We intend to use the net proceeds of this offering to repay approximately €540 million aggregate principal amount of the 2.125% Senior Notes due 2022 and related accrued interest, which will result in the repayment in full of the 2.125% Senior Notes due 2022, and for general corporate purposes.
On May 12, 2022, we issued a press release announcing the pricing of the Notes offering. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.