Marsh parent issues more senior notes to fund JLT deal

Marsh parent company Marsh & McLennan Companies (MMC) has issued a further $250m of senior notes to fund the acquisition of JLT.

The notes are a further issuance of the 4.375% senior notes bond due in 2029. The bond issued under these terms had raised $1.25bn when it was issued in January.

This additional offering means MMC has issued $1.5bn of 4.375% senior notes due 2029.

The offering follows another €1.1bn issued in part to fund the JLT acquisition last week.

In January, MMC issued six bonds to raise $5bn.

Announcing the latest issuance, MMC said: “The company intends to use the net proceeds from the notes offering, together with the net proceeds from its recent $5.0 billion senior notes offering and its recently priced €1.1 billion senior notes offering, to fund, in part, 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.

“The acquisition is expected to be completed in the spring of 2019, subject to regulatory and UK High Court approvals.

“The closing of the Notes offering is not contingent on the closing of the acquisition or the recently priced €1.1 billion senior notes offering and is expected to occur on March 27, 2019, subject to certain customary conditions.”