Aon has issued US$13.5 billion in senior notes.
Proceeds, estimated to be US$13.4 billion, are expected to be used to repay debt related to Aon North America’s (ANA) US$17 million USI Insurance Services cash acquisition, which was announced in August.
Once the acquisition has been completed, and the related US$4 billion senior unsecured loan facility and USI debt have been repaid, the company aims to deleverage to a ratio between 2.8:1 and 3.0:1 within two years.
Remaining funds will be used for general corporate purposes across ANA and Aon Global Holdings (AGH).
The notes are divided into seven tranches, due between 2029 and 2056. The largest segment is valued at US$3 billion, due 2031 with a 5.625% coupon. A further US$2.75 billion due 2036 has a 5.950% coupon, followed by three tranches of US$2 billion due 2029 (5.350%), 2033 (5.800%), and 2056 (6.450%). The remaining issuance is split across US$1 billion in 6.100% notes due 2038, and US$750 million 6.450% notes due 2046.
Fitch Ratings assigned the senior notes BBB+, and placed them on a negative watch.
Following the USI acquisition announcement, S&P Global affirmed Aon’s A- rating byt downgraded its outlook to negative.
“The negative outlook reflects the potential for a downgrade if Aon doesn’t reduce leverage to where it’s in line with our base case within two years of the closing of this acquisition,” the agency stated.
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