By Cristal Cody
Chicago, Nov. 29 – Aon Corp. and Aon Global Holdings plc priced an upsized $500 million of 2.6% senior notes due 2031 (Baa2/A-/BBB+) at 99.921 to yield 2.609%, according to an FWP filed with the Securities and Exchange Commission and a market source.
The notes are guaranteed by Aon plc and Aon Global Ltd.
The notes were upsized from a projected $400 million earlier on Monday.
The spread priced at Treasuries plus 108 basis points, lower than talk in the Treasuries plus 130 bps area.
The notes have a make-whole call at Treasuries plus 20 bps until Sept. 2, 2031 and are then redeemable at par.
Aon will apply to list the notes on the New York Stock Exchange.
J.P. Morgan Securities LLC, BofA Securities, Inc. and Goldman Sachs & Co. LLC are the joint bookrunners.
Proceeds will be used for general corporate purposes.
Aon is a London-based provider of risk management, insurance and reinsurance brokerage and also human resources solutions and outsourcing services.
| Issuers: | Aon Corp. and Aon Global Holdings plc
|
| Guarantor: | Aon plc and Aon Global Ltd.
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| Amount: | $500 million
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| Issue: | Senior notes
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| Maturity: | Dec. 2, 2031
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| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities, Inc. and Goldman Sachs & Co. LLC
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| Co-managers: | Aon Securities LLC, BMO Capital Markets Corp., ING Financial Markets LLC, PNC Capital Markets LLC, Loop Capital Markets LLC and Siebert Williams Shank & Co., LLC
|
| Trustee: | Bank of New York Mellon Trust Co., NA
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| Counsel to issuer: | Matheson, Sidley Austin LLP and Freshfields Bruckhaus Deringer LLP
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| Counsel to bookrunners: | Davis Polk & Wardwell LLP
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| Coupon: | 2.6%
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| Price: | 99.921
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| Yield: | 2.609%
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| Spread: | Treasuries plus 108 bps
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| Call features: | Make-whole call at Treasuries plus 20 bps until Sept. 2, 2031; thereafter at par
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| Trade date: | Nov. 29
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| Settlement date: | Dec. 2
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| Ratings: | Moody’s: Baa2
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| S&P: A-
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 130 bps area
|
| Cusip: | 03740LAC6
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