Aon plans to redeem all $600 million of 5% notes on June 30

By Sarah Lizee

Olympia, Wash., May 29 – Aon plc subsidiary Aon Corp. plans to redeem all $600 million of its 5% senior notes due Sept. 30, 2020 on June 30, according to an 8-K filing with the Securities and Exchange Commission.

The notes will be redeemed at a redemption price equal to par plus a make-whole premium calculated using a discount rate of Treasuries plus 40 basis points plus accrued interest to the redemption date.

Aon intends to fund the redemption with the net proceeds from the sale of its $1 billion of 2.8% 10-year guaranteed senior notes (Baa2/A-/BBB+), which closed on May 15.

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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