Summary
Marsh & McLennan Companies, Inc. (MRSH) filed an 8-K on September 10, 2014, reporting the closing of a material definitive agreement related to a debt offering. The company successfully issued $300 million in 2.350% senior notes due 2019 and $500 million in 3.500% senior notes due 2025, totaling $800 million in aggregate principal amount. These notes were issued under the company's effective shelf registration statement and were registered via prospectus supplements filed earlier in September 2014. The primary purpose of this filing is to confirm the completion of this significant debt financing. Investors should note that this issuance of senior notes indicates the company's strategy to manage its capital structure, potentially for general corporate purposes, acquisitions, or refinancing existing debt. The details of the indenture and the legal opinions supporting the issuance are also provided as exhibits.
Key Highlights
- 1Marsh & McLennan Companies, Inc. completed the issuance of $800 million in senior notes on September 10, 2014.
- 2The issuance comprised $300 million of 2.350% senior notes due 2019.
- 3The issuance also included $500 million of 3.500% senior notes due 2025.
- 4The debt offering was conducted under the company's effective shelf registration statement filed on Form S-3.
- 5Underwriting agreements were entered into with Merrill Lynch, Pierce, Fenner & Smith Incorporated and Deutsche Bank Securities Inc.
- 6The notes were issued pursuant to the company's existing indenture and a Fifth Supplemental Indenture.
- 7Legal opinions from Davis Polk & Wardwell LLP regarding the notes' legality are filed as exhibits.