Willis refinances to end Goldman Sachs debt burden
More than two years after it took on a $500mn bridging facility at punitive interest rates with Goldman Sachs, Willis is refinancing the debt on significantly more favourable terms.
Willis took on the 2016 unsecured notes at an interest rate of 12.875 percent, in the wake of the 2008 $2.1bn Hilb Rogal Hobbs acquisition and at the height of the credit crisis.
The big three broker recently issued $300mn of 4.125 percent
senior unsecured notes that mature in 2016.
It...
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