Aon prices $13.5 billion notes to fund USI Advantage acquisition
Net proceeds of about $13,400,800,000 will cover the cash price of the deal, repay some USI debt and pay related fees
Published
Chart: AON, one-minute prices, three sessions
Aon plc's financing arms, Aon North America and Aon Global Holdings, priced $13.5 billion of senior notes in seven tranches on Thursday. Aon plc, Aon Corporation and Aon Global Limited guarantee the debt, which was issued under an indenture dated September 17, 2026.
The notes tied to the acquisition carry a mandatory redemption clause: if the deal has not closed by June 1, 2027, subject to possible extensions, Aon must redeem them at 101% of face value.
The financing turns an announced deal into a funded one, and the redemption clause points to confidence in the market that the transaction closes before that mid-2027 deadline. The $13.5 billion in new debt adds meaningfully to Aon's balance sheet leverage, a modest offset to the strategic case for the deal, leaving the overall picture for the company largely unchanged rather than clearly more or less favorable.