By Aleesia Forni
Virginia Beach, Aug. 12 – Aon plc sold a $350 million tap of its existing 3.5% senior notes (Baa2/A-/BBB+) due June 14, 2024 with a spread of Treasuries plus 115 basis points, according to a market source and a FWP filed with the Securities and Exchange Commission.
The notes were sold tighter than initial guidance, which was set in the area of Treasuries plus 125 bps.
Pricing was at 99.239 to yield 3.592%.
The original $250 million issue priced with a spread of Treasuries plus 100 bps on May 20.
The notes are guaranteed by Aon Corp.
Proceeds from the sale will be used for general corporate purposes.
BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and Wells Fargo Securities LLC were the joint bookrunners.
The provider of risk management, insurance and reinsurance brokerage and also human resources solutions and outsourcing services is based in London.
| Issuer: | Aon plc
|
| Guarantor: | Aon Corp.
|
| Amount: | $350 million
|
| Description: | Senior notes
|
| Maturity: | June 14, 2024
|
| Bookrunners: | BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Wells Fargo Securities LLC
|
| Co-managers: | Aon Benfield Securities, Inc., BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, PNC Capital Markets LLC, U.S. Bancorp Investments, Inc.
|
| Coupon: | 3.5%
|
| Price: | 99.239
|
| Yield: | 3.592%
|
| Spread: | Treasuries plus 115 bps
|
| Trade date: | Aug. 12
|
| Settlement date: | Aug. 19
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor's: A-
|
| Fitch: BBB+
|
| Price guidance: | Treasuries plus 125 bps area
|
| Total issue size: | $600 million, including $250 million priced on May 20
|
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