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.

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