Published on 2/23/2023 in the Prospect News Investment Grade Daily.
New Issue: Aon prices $750 million 5.35% senior notes due 2033 at 147 bps spread
By Wendy Van Sickle
Columbus, Ohio, Feb. 23 – Aon Corp. and Aon Global Holdings plc priced $750 million of 5.35% 10-year senior notes (Baa2/A-/BBB+) on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.977 to yield 5.353%, or a spread of 147 basis points over Treasuries.
The notes are guaranteed by Aon plc and Aon Global Ltd.
Morgan Stanley & Co. LLC, BofA Securities, Inc. and HSBC Securities (USA) Inc 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
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Guarantors: | Aon plc and Aon Global Ltd.
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Amount: | $750 million
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Issue: | Senior notes
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Maturity: | Feb. 28, 2033
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Bookrunners: | Morgan Stanley & Co. LLC, BofA Securities, Inc. and HSBC Securities (USA) Inc
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Co-managers: | Aon Securities LLC, ANZ Securities, Inc., nabSecurities, LLC, R. Seelaus & Co., LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC
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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 underwriters: | Davis Polk & Wardwell LLP
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Coupon: | 5.35%
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Price: | 99.977
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Yield: | 5.353%
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Spread: | Treasuries plus 147 bps
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Call options: | Make-whole call at Treasuries plus 25 bps prior to Nov. 28, 2032; par call after that
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Trade date: | Feb. 23
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Settlement date: | Feb. 28
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Expected 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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Cusip: | 03740LAG7
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