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May 22, 2015 10:17 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.

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

Willis Securities, Inc. Key Developments

Willis Capital Markets & Advisory Announces Management Changes

Willis Group Holdings announced that Rafal Walkiewicz and Michael Guo as co-CEOs to lead Willis Capital Markets & Advisory (WCMA), the firm's insurance investment banking business. They will succeed Tony Ursano, who has led WCMA since 2009. Walkiewicz joined WCMA as a managing director in 2014 after ten years with Goldman Sachs, where he served in the bank's financial institutions group. Guo joined Willis in 2013 as WCMA's head of Asia, having been a Partner and Managing Director of Boston Consulting Group's Financial Services Practice.

Willis Capital Markets & Advisory Extends Global Presence; Announces Executive Changes

Willis Capital Markets & Advisory announced that Managing Director, John D. Philipsz, has relocated from London to establish WCMA operations in Sydney, Australia. The new office will complement WCMA's existing presence in Hong Kong, led by Michael Guo, Head of WCMA Asia. The company also announced that Managing Director, John D. Philipsz, has relocated from London to establish WCMA operations in Sydney, Australia. Mr. Philipsz joined WCMA in 2010 from Bank of America in London, where he was a Director in the Financial Institutions Group. He has broad experience in the financial services industry having executed numerous M&A and financing transactions for both public and private clients, primarily in the insurance sector.

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.

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