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Creating Value through Pro-active Capital Management

Pro-active Capital Management

On 8 August 2013, Willis Group Holdings completed a $525m bond issue. The net proceeds of the offering, together with cash on hand, were used to fund a $521m tender of Willis bonds.

The offering represented Willis's first debt issuance in two and a half years and its inaugural 30-year offering.

Key Points

  • Willis carried out a thorough review of its capital management strategy, deciding first to maintain its investment grade credit rating
  • In order to achieve greater financing flexibility the group extended its current bank facility and then reviewed its portfolio
  • When the bank financing was almost complete Willis launched a waterfall tender for its bonds with an outstandingly successful result
  • The company now subjects its capital management strategy to continuous review based on business strategy rather than as a response to immediate necessity


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Written by:


Christof Nelischer

Willis Towers Watson

Global Group Treasurer

This article is available as part of an extensive case studies collection: Cash & Liquidity Management Series

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