By Andrea Heisinger
New York, May 24 - Aon Corp. sold $500 million of 3.125% five-year senior notes on Tuesday to yield 135 basis points over Treasuries, a market source said.
The notes sold in line with talk in the 135 bps area, the source said.
The securities (Baa2/BBB+/BBB+) were sold at 99.959 to yield 3.134%. They have a make-whole call at Treasuries plus 25 bps.
Bookrunners were Bank of America Merrill Lynch and Morgan Stanley & Co., Inc.
Goldman Sachs & Co. was lead manager.
Aon Benfield Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBS Securities Inc. were co-managers.
Proceeds are going to repay the outstanding portion of a $1 billion three-year term credit agreement.
The risk management, insurance and consulting company is based in Chicago.
| Issuer: | Aon Corp.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | May 27, 2016
|
| Bookrunners: | Bank of America Merrill Lynch, Morgan Stanley & Co., Inc.
|
| Lead manager: | Goldman Sachs & Co.
|
| Co-managers: | Aon Benfield Securities, | Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, RBS Securities Inc.
|
| Coupon: | 3.125%
|
| Price: | 99.959
|
| Yield: | 3.134%
|
| Spread: | Treasuries plus 135 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Trade date: | May 24
|
| Settlement date: | May 27
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Price talk: | 135 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
