Willis Towers Watson Public Limited Company, together with its wholly owned subsidiary, Trinity Acquisition plc, entered into a $1.25 billion revolving credit facilit, that will mature on March 7, 2022 (unless extended in accordance with the terms thereof). The terms of the Credit Facility are set forth in the Amended and Restated Credit Agreement, dated as of March 7, 2017, among, TAP, as the borrower, WTW, as the parent, the lenders party thereto and Barclays Bank PLC, as Administrative Agent.

$409,375,000 of the net available proceeds of the Credit Facility will be used to retire all of the debt under that certain Credit Agreement, dated as of December 16, 2011, among TAP, as the borrower, WTW, as the parent, the lenders party thereto and Barclays Bank PLC, as Administrative Agent. Remaining proceeds of the loans and other credit extensions under the Credit Facility will be available for working capital, capital expenditures, permitted acquisitions and other lawful corporate purposes.

Amounts outstanding under the Credit Facility shall bear interest at a rate equal to (a) LIBOR plus 1.00% to 1.75% for Eurocurrency Rate Loans and (b) the highest of (i) the Federal Funds Rate plus 1/2 of 1%, (ii) the “prime rate” quoted by The Wall Street Journal, and (iii) LIBOR plus 1.00%, plus 0.00% to 0.75%, in each case, based upon WTW’s guaranteed senior-unsecured long term debt rating for Base Rate Loans. In addition, TAP will pay (a) a commitment fee equal to 0.10% to 0.25% of the committed amount of the Credit Facility that has not been borrowed and (b) a letter of credit fee for each outstanding letter of credit equal to (i) the daily amount available to be drawn under such letter of credit multiplied by (ii) 1.00% to 1.75%, in each case, based upon WTW’s guaranteed, senior-unsecured long term debt rating.

Click here to read the company's 8K filing