Business & Finance
Business and Finance
Business and Finance
Fri, March 18, 2011 Willis Group Holdings Announces Redemption of Remaining 12.875% Senior Notes due 2016 (CUSIP No. 89641MAA7)
NEW YORK--([ BUSINESS WIRE ])--Willis Group Holdings plc (NYSE: WSH), the global insurance broker, announced today that it has called for redemption the $35 million aggregate principal amount of 12.875% Senior Notes due 2016 that remain outstanding after the Companya™s recently completed $800 million Senior Notes offering and the related repurchase of $465 million aggregate principal amount of the 12.875% Senior Notes. The redemption date will be April 17, 2011.
Pursuant to the terms of the indenture governing the 12.875% Senior Notes, Trinity Acquisition plc, an indirect wholly-owned subsidiary of Willis Group Holdings plc and the issuer of the 12.875% Senior Notes, will redeem all of the 12.875% Senior Notes that remain outstanding for an amount equal to the aggregate principal amount plus any accrued interest to the redemption date and a make whole amount. After the redemption, the 12.875% Senior Notes will no longer be outstanding and the covenants in the related indenture will no longer be in effect.
About Willis
Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 Associates serving clients in virtually every part of the world. Additional information on Willis may be found at [ www.willis.com ].
Forward-looking Statements
This press release may contain certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, depending on a variety of factors such as the impact of any regional, national or global political, economic, business, competitive, market, environmental and regulatory conditions on our global business operations; the impact of current financial market conditions on our results of operations and financial condition, including as a result of any insolvencies of or other difficulties experienced by our clients, insurance companies or financial institutions; our ability to continue to manage our significant indebtedness; our ability to compete effectively in our industry; our ability to implement and realize anticipated benefits of the 2011 operational review, the Willis Cause or any other initiative we pursue; material changes in the commercial property and casualty markets generally or the availability of insurance products or changes in premiums resulting from a catastrophic event, such as a hurricane, or otherwise; the volatility or declines in other insurance markets and premiums on which our commissions are based, but which we do not control; our ability to retain key employees and clients and attract new business; the timing or ability to carry out share repurchases or take other steps to manage our capital and the limitations in our long-term debt agreements that may restrict our ability to take these actions; any fluctuations in exchange and interest rates that could affect expenses and revenue; rating agency actions that could inhibit our ability to borrow funds or the pricing thereof; a significant decline in the value of investments that fund our pension plans or changes in our pension plan funding obligations; our ability to achieve the expected strategic benefits of transactions; our ability to receive dividends or other distributions in needed amounts from our subsidiaries; changes in the tax or accounting treatment of our operations; any potential impact from the U.S. healthcare reform legislation; the potential costs and difficulties in complying with a wide variety of foreign laws and regulations and any related changes, given the global scope of our operations; our involvements in and the results of any regulatory investigations, legal proceedings and other contingencies; risks associated with non-core operations including underwriting, advisory or reputational; our exposure to potential liabilities arising from errors and omissions and other potential claims against us; and the interruption or loss of our information processing systems or failure to maintain secure information systems. Further information concerning the Company and its business, including factors that potentially could materially affect the Companya™s financial results, are contained in the Companya™s filings with the Securities and Exchange Commission.
