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- Special Mandatory Redemption (new) — If the USI acquisition fails to close by the deadline, Aon must redeem the notes at a special price, potentially leaving investors with lower returns and reinvestment risk.
- Unsecured and Subordinated Notes (new) — The notes are unsecured and structurally subordinated to liabilities of non-guarantor subsidiaries, which could reduce recovery for noteholders in a bankruptcy.
Aon plc co-issues $13.5B senior notes across seven tranches to fund USI acquisition
Filed September 15, 2026 · ~1 min read
Key Changes
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Aon North America and Aon Global Holdings co-issue $13.5B of senior notes with maturities from 2029 to 2056 and coupons from 5.350% to 6.450%.
The Offering verify on EDGAR → -
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Net proceeds of approximately $13.4B will fund the USI acquisition, repay USI debt, and pay related fees.
Use of Proceeds verify on EDGAR → -
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If the USI acquisition does not close by June 1, 2027 (subject to extensions), Aon must redeem the USI Acquisition Notes at a special mandatory redemption price.
Risk Factors verify on EDGAR →
1 more material change behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 15, 2026 · How we verify