By Aleesia Forni
Virginia Beach, Sept. 24 - Marsh & McLennan Co. Inc. priced a $500 million two-part offering of senior notes due 2018 and 2023, according to a market source.
Both tranches priced at the tight end of talk.
The deal included $250 million 2.55% five-year notes sold with a spread of Treasuries plus 115 basis points.
There was also $250 million 4.05% 10-year notes priced at Treasuries plus 145 bps.
Full terms were not available at press time.
Goldman Sachs & Co., HSBC Securities (USA) Inc., BofA Merrill Lynch and Deutsche Bank Securities Inc. were the joint bookrunners.
Proceeds will be used for general corporate purposes, which may include the redemption of part of the company's 5.75% senior notes due 2015.
The professional services firm is based in New York City.
| Issuer: | Marsh & McLennan Co. Inc.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Joint bookrunners: | Goldman Sachs & Co., HSBC Securities (USA) Inc., BofA Merrill Lynch, Deutsche Bank Securities Inc.
|
| Trade date: | Sept. 24
|
|
|
| Five-year notes
|
| Amount: | $250 million
|
| Maturity: | Oct. 15, 2018
|
| Coupon: | 2.55%
|
| Spread: | Treasuries plus 115 bps
|
| Price talk: | Treasuries plus 120 bps area
|
|
|
| 10-year notes
|
| Amount: | $250 million
|
| Maturity: | Oct. 15, 2023
|
| Coupon: | 4.05%
|
| Spread: | Treasuries plus 145 bps
|
| Price talk: | Treasuries plus 150 bps area
|
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