Marsh prices €1.1bn senior notes to fund JLT deal
Marsh & McLennan Companies is issuing €1.1 Billion senior notes to help fund its acquisition of re/insurance broker Jardine Lloyd Thompson Group (JLT).
MMC has has priced €550 million aggregate principal amount of its 1.349 percent senior notes due 2026 and €550 million aggregate principal amount of its 1.979 percent senior notes due 2030.
The company intends to use the net proceeds from the notes offering, together with the net proceeds from its recent $5 billion senior notes offering, to fund the acquisition of JLT, including the payment of related fees and expenses, and to repay certain JLT indebtedness, as well as for general corporate purposes.
MMC had previously announced the acquisition in September 2018 for approximately $6.4 billion, which is expected to close in Spring 2019. The deal will be funded by a combination of cash on hand and proceeds from debt financing.
Earlier in January 2019, the company announced its plan of issuing $5 billion of senior debt across six different bonds.
Marsh added the closing of the notes offering is not contingent on the closing of the acquisition and is expected to occur on March 21, 2019.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
London insurance market warned 'turbo charge contingency plans' after Brexit delay vote
Sompo International adds commercial crime, cyber liability cover in US
Australia's Queensland flood losses estimated at $678m: PERILS
Pioneer replaces US CEO with former XL Catlin Canada boss
Download our whitepaper: 'Why Automation & AI Matters For Commercial Lines'
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze