September 17, 2014 4:11 PM ET

Capital Markets

Company Overview of Willis Securities, Inc.

Company Overview

Willis Securities, Inc. operates as a subsidiary of Willis Of Michigan, Inc.

One World Financial Center

200 Liberty Street

3rd Floor

New York, NY 10281

United States

Phone:

212-915-8261

Fax:

917-338-3618

Key Executives for Willis Securities, Inc.

Chief Executive Officer
Managing Director
Age: 71
Managing Director and Head of Insurance-Linked Securities
Vice President of Insurance-Linked Securities
Compensation as of Fiscal Year 2014.

Willis Securities, Inc. Key Developments

Willis Securities, Inc. and Willis Capital Markets & Advisory Enter into Joinder Agreement with Suntrust Bank plc

On April 28, 2014, Willis Securities, Inc., a wholly-owned indirect subsidiary of Willis Group Holdings Public Limited Company and the United States operating company of Willis Capital Markets & Advisory, entered into (i) a Joinder Agreement with SunTrust Bank PLC, as administrative agent, and the lenders party thereto and (ii) a First Amendment to Revolving Note and Cash Subordination Agreement with the Administrative Agent and the lenders party thereto, which amends that certain Revolving Note and Cash Subordination Agreement dated as of March 3, 2014 with the Administrative Agent and the lenders party thereto. Pursuant to the Credit Agreement, the lenders named therein provided Willis Securities with a $300 million revolving note facility, which was available for drawing from March 3, 2014 through March 3, 2015. The aggregated unpaid principal amount of all advances was to be repaid on or before March 4, 2016 (the Original Repayment Date). Under the terms of the Amendment Agreements, among other things, all of the lenders under the Credit Facility agreed to extend the end date of the Original Credit Period to April 28, 2015 and extend the Original Repayment Date to April 28, 2016. In connection with the Joinder, Willis Securities requested and received commitments from certain lenders for additional revolving credit loans of $100 million, and, consequently, the total available commitments under the Credit Facility were increased to $400 million. Proceeds of the loans made from the Incremental Revolving Commitments will be available for regulatory capital purposes related to securities underwriting only, which will allow Willis Securities to meet or exceed capital requirements of regulatory agencies, self-regulatory agencies, exchanges and their clearinghouses, including the Financial Industry Regulatory Authority. Accordingly, the Credit Agreement is on terms consistent with the subordination requirements and in compliance with the regulations imposed by the relevant Regulatory Authorities in order to be included as regulatory capital. There were no changes to the interest rates or ongoing fees payable with respect to the Credit Facility as a result of the Amendment Agreements. Borrowings under the Credit Facility continue to be subject to the conditions precedent that, among other things, include the accuracy and completeness in all material respects of all representations and warranties in the loan documentation and that no default under the Credit Facility shall exist, or would result from such borrowing or the application of the proceeds thereof. There were no changes to the prepayments provisions, affirmative covenants or negative covenants for the Credit Facilities as a result of the Amendment Agreements.

Willis Securities, Inc. Enters into a Revolving Note and Cash Subordination Agreement with SunTrust Bank PLC

Willis Securities, Inc. entered into a Revolving Note and Cash Subordination Agreement with SunTrust Bank PLC, as administrative agent, BMO Harris Bank, N.A., as syndication agent, Lloyds Bank PLC, as documentation agent, and the lenders party thereto.  Pursuant to the Credit Agreement, the lenders named therein provided Willis Securities with $300 million revolving note facility, which will be available for drawing from March 3, 2014 through March 3, 2015. The aggregated unpaid principal amount of all advances must be repaid on or before March 4, 2016, one year after the end of the Credit Period. Proceeds under the Credit Facility will be used for regulatory capital purposes related to securities underwriting only, which will allow Willis Securities to meet or exceed capital requirements of regulatory agencies, self-regulatory agencies, exchanges and their clearinghouses, including the Financial Industry Regulatory Authority.  Accordingly, the Credit Agreement is on terms consistent with the subordination requirements and in compliance with the regulations imposed by the relevant Regulatory Authorities in order to be included as regulatory capital. Advances under the Credit Facility shall bear interest at a rate equal to (a) for Eurocurrency Rate Loans, LIBOR plus 1.50% to 2.25%, and (b) for Base Rate Loans, the of the Federal Funds Rate plus 1/2 of 1%, the “prime rate” as announced by SunTrust Bank, and LIBOR plus 1.00%, plus 0.50% to 1.25%, in each case, based upon Willis Group Holdings Public Limited Company’s guaranteed senior-unsecured long term debt rating.  In addition, Willis Securities will also pay a commitment fee equal to 0.25% to 0.40% of the committed amount of the Credit Facility that has not been borrowed. Conditions to borrowing under the Credit Facility include the accuracy and completeness in all material respects of all representations and warranties in the loan documentation and that no default under the Credit Facility shall exist, or would result from such borrowing or the application of the proceeds thereof.  Each advance under the Credit Facility is due for repayment one year after the making of such advance, and payments under the Credit Facility are subordinated to the claims of any un-subordinated creditors of Willis Securities.

Willis Capital Markets & Advisory Announces Appointment of Brad Livingston as Vice President of Insurance-Linked Securities, Effective October 14, 2013

Willis Capital Markets & Advisory (WCMA) has announced the appointment of Brad Livingston as Vice President of Insurance-Linked Securities (ILS), effective October 14, 2013. Based in New York, Livingston will help drive WCMA's continued expansion into the ILS space, as the company continues to invest in and build its ILS practice to capitalize on growing opportunities in the sector. Prior to this he worked for Guy Carpenter's investment banking division, GC Securities, where he focused on the marketing, origination and structuring of insurance-linked securities for global insurance and reinsurance companies.

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