Aon launches exchange offer for up to $300 million 8.205% debentures

By Marisa Wong

Madison, Wis., Nov. 13 - Aon plc announced a private offer to exchange up to $300 million of Aon Corp.'s $686,995,000 outstanding 8.205% junior subordinated deferrable interest debentures due January 2027 for new senior notes due Dec. 12, 2042 and cash. The debentures due 2027 are guaranteed by Aon plc, and the notes due 2042 will be issued by Aon plc and guaranteed by Aon Corp.

The offer will expire at midnight ET on Dec. 11.

Holders who tender their notes by 5 p.m. ET on Nov. 27 will receive an early exchange premium of $50 per $1,000 principal amount of notes. Notes may be withdrawn prior to the early tender date.

The exchange offer requires that a minimum of $250 million principal amount of new notes be issued in exchange for the old notes.

The offer is only open to qualified institutional buyers as defined in Rule 144A and non-U.S. persons under Regulation S.

D.F. King & Co. Inc. (800 967-4612 or 212 269-5550 for banks and brokers) is the information agent.

Chicago-based Aon and its subsidiaries are focused on risk and insurance brokerage services, consulting and insurance underwriting.

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