Aon pushes back early deadline in exchange offer for 8.205% debentures

By Susanna Moon

Chicago, Nov. 28 - Aon plc said it extended the early date in the 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.

Holders may now tender their notes by 5 p.m. ET on Nov. 30 to receive an early exchange premium of $50 per $1,000 principal amount of notes, according to a company press release. The early participation deadline was originally set for 5 p.m. ET on Nov. 27.

Pricing will be set at 2 p.m. ET on Dec. 3, extended from 2 p.m. ET on Nov. 28. The offer will end, as scheduled, at midnight ET on Dec. 11. The offer began Nov. 13.

Tendered notes may no longer be withdrawn, as of the original early tender date.

As noted before, 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 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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