Davis Polk advised Marsh & McLennan Companies, Inc. on its cash tender offers for an aggregate of $600 million outstanding principal amount of its 5.375% notes due 2014 and 5.75% notes due 2015. Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. acted as dealer managers for the tender offers. Davis Polk also advised Marsh & McLennan Companies in connection with a concurrent SEC-registered offering of $500 million aggregate principal amount of 4.8% senior notes due 2021. The proceeds from the senior notes offering were used to partially fund the tender offers. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC acted as joint book-running managers for the senior notes offering.

Marsh & McLennan Companies is a global professional services firm providing advice and solutions in the areas of risk, strategy and human capital. It is the parent company of a number of the world’s leading risk experts and specialty consultants, including Marsh, an insurance broker and risk advisor; Guy Carpenter, a risk and reinsurance specialist; Mercer, a provider of HR and related financial advice and services; and Oliver Wyman, a management consultancy. 

The Davis Polk corporate team included partner Richard D. Truesdell Jr., associates Pavan Jawanda, Adam Rachlis, Sheila Lopez and Joshua Dugan and summer associates Jennifer Green and Lindsay Schare. Partner Lucy W. Farr and associate Patrick E. Sigmon provided tax advice. Associate Catherine L. Martin provided Investment Company Act advice. Jack S. Keating was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.