Willis announces revolving credit facility

Global insurance broker Willis Group Holdings (NYSE: WSH), the global recently entered into a new US$300 million five-year revolving credit facility.
Drawdowns under this facility will bear interest at an initial rate of LIBOR plus 45 basis points, subject to adjustments based on future changes in the Company’s credit agency ratings.
This new facility completes the replacement of the Company’s bank loan agreement entered into in December 2003, which had included both a revolving loan facility and a term loan facility.
The term loans were repaid in July 2005 from the proceeds of the Company’s $600 million public bond issue. The new facility replaces the $150 million revolving credit facility under the previous agreement.
The new facility was provided by a group of fourteen financial institutions led by Banc of America Securities Ltd. and The Royal Bank of Scotland plc.