Willis Subsidiary Offers $250 Million In Notes

NEW YORK (AP) — Willis North America Inc., a subsidiary of insurance broker Willis Group Holdings Ltd., said Tuesday that it has commenced an offering of $250 million of its senior unsecured notes due 2019.

The company plans to use the net proceeds of the offering to buy any and all of Willis North America's outstanding 5.1 percent senior notes due 2010 that are tendered and accepted in a separate offering.

Any remaining proceeds will be used for general corporate purposes.

The joint underwriters for the offering are BofA Merrill Lynch and J.P. Morgan Securities Inc.

Willis Groups shares rose 3 cents to $27.91 in morning trading.