Marsh & McLennan Closes €1.2 Billion Senior Notes Offering

Overview of the Event

On October 27, 2026, Marsh & McLennan Companies, Inc. completed a dual-tranche European debt offering consisting of an aggregate principal amount of €1.2 billion in senior unsecured notes:

1. €600,000,000 4.250% Senior Notes due 2032

   • Purchase Price: 99.609% of principal amount
   • Maturity: 2032

2. €600,000,000 4.625% Senior Notes due 2036

   • Purchase Price: 98.793% of principal amount
   • Maturity: 2036

Agreement & Indenture Details

• Underwriting Agreement: Entered into on October 20, 2026, with Merrill Lynch International, Deutsche Bank AG (London Branch), Barclays Bank PLC, and HSBC Bank plc acting as representatives of the underwriters.
• Indenture: Issued under the base Indenture dated July 15, 2011, between the Company and The Bank of New York Mellon as Trustee, as supplemented by the Twenty-Second Supplemental Indenture dated October 27, 2026.
• Ranking: The Notes are direct, general senior, unsecured, and unconditional obligations ranking pari passu with all existing and future senior unsecured indebtedness.
• Listing: The Company intends to use commercially reasonable efforts to list the Notes on the New York Stock Exchange.

Capital Structure & Market Impact

• Significance: Medium. The issuance reflects active liability management and capital structure optimization, capitalizing on European debt market liquidity.
• Use of Proceeds: Issued off the company's shelf registration statement on Form S-3 (No. 333-280979) for general corporate purposes and refinancing requirements.