Summary
Marsh & McLennan Companies, Inc. (MRSH) filed an 8-K on January 12, 2017, to report a material definitive agreement regarding the issuance of senior notes. On January 9, 2017, the company entered into an Underwriting Agreement to sell $500 million in aggregate principal amount of 2.750% senior notes due 2022 and $500 million in aggregate principal amount of 4.350% senior notes due 2047. The offering was priced on January 9, 2017, with the notes scheduled to be issued on January 12, 2017. This issuance represents a significant capital raise for the company, totaling $1 billion. Investors should note the specific coupon rates and maturity dates for each tranche of notes, as well as the underwriter syndicate led by Merrill Lynch, Pierce, Fenner & Smith Incorporated and Deutsche Bank Securities Inc. The proceeds from this issuance are expected to be used for general corporate purposes, although specific use of proceeds are not detailed in this 8-K filing. The company utilized its existing shelf registration statement for this offering.
Key Highlights
- 1Marsh & McLennan Companies, Inc. issued $1 billion in senior notes.
- 2The issuance comprises $500 million of 2.750% senior notes due 2022.
- 3The issuance also includes $500 million of 4.350% senior notes due 2047.
- 4The Underwriting Agreement was executed on January 9, 2017.
- 5The senior notes are set to be issued on January 12, 2017.
- 6Key underwriters include Merrill Lynch, Pierce, Fenner & Smith Incorporated and Deutsche Bank Securities Inc.
- 7The offering was conducted under the company's effective shelf registration statement.