Aon calls 3.5% convertibles due 2012

By Angela McDaniels

Seattle, Oct. 4 - Aon Corp. will redeem all of its outstanding 3.5% senior convertible debentures due 2012 on Nov. 19, according to a company news release.

Holders will receive 101% of par plus accrued interest to the redemption date.

Each debenture is convertible into 46.5658 shares of Aon common stock through the close of business on Nov. 16.

The conversion rate is equivalent to a conversion price of $21.48 per share. Aon stock closed at $45.70 (NYSE: AOC) on Thursday.

According to the release, $242.9 million principal amount of the debentures were outstanding as of Wednesday.

Chicago-based Aon provides risk management services, insurance and reinsurance brokerage, human capital and management consulting and specialty insurance underwriting.

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