By Aleesia Forni
Virginia Beach, Nov. 21 - Aon plc came to Thursday's primary market to price an upsized $350 million issue of 4% senior notes (Baa2/A-/BBB+) due 2023 at Treasuries plus 125 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.649 to yield 4.043%.
The notes priced at the tight end of talk.
BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used to repay commercial paper and for general corporate purposes.
The notes are guaranteed by London-based Aon Corp.'s subsidiary Aon Delaware.
The professional services company was last in the U.S. bond market with a $250 million sale of 4.45% 30-year notes priced at 137.5 bps over Treasuries on May 21.
| Issuer: | Aon plc
|
| Guarantor: | Aon Corp.
|
| Amount: | $350 million, upsized from $250 million
|
| Description: | Senior notes
|
| Maturity: | 2023
|
| Bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Co-managers: | Aon Benfield Securities, | Inc., Loop Capital Markets LLC, The Williams Capital Group, L.P.
|
| Coupon: | 4%
|
| Price: | 99.649
|
| Yield: | 4.043%
|
| Spread: | Treasuries plus 125 bps
|
| Trade date: | Nov. 21
|
| Settlement date: | Nov. 26
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
| Fitch: BBB+
|
| Make-whole call: | Treasuries plus 20 bps prior to Aug. 27, 2023, then callable at par
|
| Change-of-control put: | 101%
|
| Price talk: | Treasuries plus 125 bps area
|
| Distribution: | SEC-registered
|
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