WILLIS GROUP HOLDINGS LIMITED ANNOUNCES SECONDARY
OFFERING OF COMMON STOCK
NEW YORK (April 28, 2003)
-- Willis Group Holdings Limited (NYSE: WSH),
the global insurance broker, today announced
that certain of its shareholders commenced a
secondary offering of 17,400,000 shares of common
stock. The offered shares are being sold by
Profit Sharing (Overseas), Limited Partnership,
an affiliate of Kohlberg Kravis Roberts &
Co. L.P., and Fisher Capital Corp. L.L.C. The
selling shareholders also intend to grant to
the underwriters an option for a period of 30
days to purchase up to an aggregate of 2,600,000
additional common shares to cover over-allotments,
if any. Willis will not issue any shares of
common stock in the offering.
Banc of America Securities LLC, Credit Suisse
First Boston and J.P. Morgan Securities Inc.
will be joint book-running managers of the offering.
A preliminary prospectus relating to the proposed
common stock offering may be obtained by contacting:
Banc of America Securities LLC
Prospectus Department
100 West 33rd Street
New York, NY 10001
646-733-4166
Credit Suisse First Boston
Prospectus Department
One Madison Avenue
New York, NY 10010
212-325-2580
JP Morgan Securities
Prospectus Department
277 Park Avenue
New York, NY 10172
212-622-5219
The offering will be made under an effective
shelf registration statement and is expected
to price later this week.
Joe Plumeri, Chairman and CEO of Willis said,
"We are excited by this opportunity to
broaden our shareholder base with long-term
institutional investors and to increase the
liquidity in our common stock. We believe that
Willis' newly instituted common dividend and
its strong operating performance, as evidenced
by the Company's first quarter 2003 results,
are examples of our continuous efforts to enhance
shareholder value."
This press release shall not constitute an
offer to sell or the solicitation of an offer
to buy nor shall there be any sale of these
securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful
prior to registration or qualification under
the securities laws of any such jurisdiction.
The offering of these securities is made only
by means of the prospectus.
Willis Group Holdings is a leading global insurance
broker, developing and delivering professional
insurance, reinsurance, risk management, financial
and human resource consulting and actuarial
services to corporations, public entities and
institutions around the world. With over 300
offices in about 80 countries, its global team
of 13,000 associates serves clients in 180 countries.
Contacts:
Willis Group Holdings Limited
Investors:
Kerry K. Calaiaro,
+1 212/837-0880
calaiaro_ke@willis.com
Media:
Nicholas Jones,
+1 44 20 7488-8190
jonesnr@willis.com
or
Dan Prince,
+1 212 837-0806
prince_da@willis.com
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