Published on 9/7/2022 in the Prospect News Investment Grade Daily.
New Issue: Aon prices $500 million 5% senior notes due 2032 at 175 bps spread
By Marisa Wong
Los Angeles, Sept. 7 – Aon Corp. and Aon Global Holdings plc priced $500 million of 5% 10-year senior notes (Baa2/A-/BBB+) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.922 to yield 5.01%, or a spread of 175 basis points over Treasuries.
The notes have a make-whole call followed by a par call.
The notes are guaranteed by Aon plc and Aon Global Ltd.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint bookrunners.
Proceeds will be used for general corporate purposes, according to a 424B5 filing with the SEC.
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: | $500 million
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| Issue: | Senior notes
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| Maturity: | Sept. 12, 2032
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| Bookrunners: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
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| Co-managers: | Aon Securities LLC, BMO Capital Markets Corp., HSBC Securities (USA) Inc., ING Financial Markets LLC, PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, Loop Capital Markets LLC and Siebert Williams Shank & Co., 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%
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| Price: | 99.922
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| Yield: | 5.01%
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| Spread: | Treasuries plus 175 bps
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| Call options: | Make-whole call at Treasuries plus 30 bps prior to June 12, 2032; par call after that
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| Trade date: | Sept. 7
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| Settlement date: | Sept. 12
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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: | 03740LAF9
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