Aon modifies pricing in credit agreement for SOFR transition

Chicago, Oct. 21 – Aon plc, Aon Corp., Aon Global Holdings plc and Aon Global Ltd. amended its credit agreement on Oct. 19 with Citibank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The credit facility will now terminate on Oct. 19, 2024 instead of Oct. 19, 2023.

SOFR replaces Libor as a benchmark, and pricing has been modified for the replacement.

The new pricing schedule, based on five tiers, is SOFR plus 10 bps CSA plus a margin of 80.5 bps to 132.5 bps, based on ratings. The facility fee rate is between 7 bps and 17.5 bps.

All other material terms and conditions are the same.

HSBC Bank (USA), NA is the syndication agent.

Citibank, NA and HSBC Securities (USA) Inc. are the joint lead arrangers and joint bookrunners.

Aon is a London-based provider of risk management, insurance and reinsurance brokerage and also human resources solutions and outsourcing services.

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