Aon arranges $4B term loans to fund USI acquisition; new $3B revolver replaces two prior facilities

Aon plc

$4B unsecured delayed draw term loans ($2B each tranche), maturing Sept 18, 2028 and Sept 18, 2029, fund portion of USI Advantage Corp. acquisition cash consideration.
New $3B multi-currency revolving credit facility matures Sept 18, 2031, replaces two $1B revolvers (maturing 2027 and 2028) terminated effective Sept 18, 2026.
Financial covenants: EBITDA/interest expense ratio not below 4.00:1; funded net debt/EBITDA not above 4.75:1 post-USI, stepping down to 3.50:1 over eight fiscal quarters.
Borrower is Aon North America, Inc.; guaranteed by Aon plc, Aon Corporation, Aon Global Holdings plc, and Aon Global Limited.
Rate margins based on Aon's senior unsecured long-term debt rating; loans prepayable at any time without penalty or premium.

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