Published on 2/14/2024 in the Prospect News Investment Grade Daily.
New Issue: Marsh & McLennan prices $1 billion of senior notes due 2034, 2054
By Wendy Van Sickle
Columbus, Ohio, Feb. 14 – Marsh & McLennan Cos., Inc. priced $1 billion of notes in two parts (A3/A-/A-) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The company priced $500 million of 5.15% 10-year notes at 99.847 to yield 5.169%, or at Treasuries plus 90 basis points.
The company also sold $500 million of 5.45% 30-year notes at 99.613 to yield 5.476%, or at Treasuries plus 103 bps.
J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and PNC Capital Markets LLC are the joint bookrunners for the 2034 notes.
BofA Securities, Citigroup, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc. are the bookrunners for the 2054 notes.
Proceeds will be used for general corporate purposes.
Marsh & McLennan is a New York-based professional services firm. Its two business segments are risk and insurance services and consulting.
| Issuer: | Marsh & McLennan Cos., Inc.
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| Amount: | $1 billion
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| Issue: | Senior notes
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| Trustee: | Bank of New York Mellon
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| Counsel to issuer: | In-house counsel and Davis Polk & Wardwell LLP
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| Counsel to underwriters: | Skadden, Arps, Slate, Meagher & Flom LLP
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| Trade date: | Feb. 14
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| Settlement date: | Feb. 20
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| Ratings: | Moody’s: A3
|
| S&P: A-
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| Fitch: A-
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| Distribution: | SEC registered
|
|
|
| 2034 notes
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| Amount: | $500 million
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| Maturity: | March 15, 2034
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| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and PNC Capital Markets LLC
|
| Co-managers: | CIBC World Markets Corp., ING Financial Markets LLC, Siebert Williams Shank & Co., LLC and Standard Chartered Bank
|
| Coupon: | 5.15%
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| Price: | 99.847
|
| Yield: | 5.169%
|
| Spread: | Treasuries plus 90 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps until Dec. 15, 2033; thereafter at par
|
| Cusip: | 571748BW1
|
|
|
| 2054 notes
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| Amount: | $500 million
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| Maturity: | March 15, 2054
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| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, TD Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and U.S. Bancorp Investments, Inc.
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| Co-managers: | ANZ Securities, Inc., Barclays, BNP Paribas Securities Corp. and Scotia Capital (USA) Inc.
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| Coupon: | 5.45%
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| Price: | 99.613
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| Yield: | 5.476%
|
| Spread: | Treasuries plus 103 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps until Sept. 15, 2053; thereafter at par
|
| Cusip: | 571748BX9
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