Aon plc

$7bn committed across 2 active facilities, next covenant test Sep 30, 2026. AON

Insurance Agents, Brokers & Service

Recent changes

  1. Sep 22, 2026Aon plc signs $3bn CREDIT AGREEMENT, matures Sep 2031SEC ↗
  2. Sep 22, 2026Aon plc signs $4bn TERM LOAN CREDIT AGREEMENTSEC ↗
Tested quarterlyHeadroom not yet measured4.00x
The Parent will maintain as of the last day of each Measurement Period (commencing with the last day of the first Fiscal Quarter ending on or after the Closing Date) a ratio of Consolidated Adjusted EBITDA to Consolidated Interest Expense of not less than 4.0 to 1.0.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured4.75x
  • From on the last day of each of the first and second full consecutive Fiscal Quarters ending after the Closing Date · 4.50x
  • From on the last day of the third full consecutive Fiscal Quarter ending after the Closing Date · 4.25x
  • From on the last day of the fourth and fifth full consecutive Fiscal Quarters ending after the Closing Date · 4.00x
  • From on the last day of the sixth and seventh full consecutive Fiscal Quarters ending after the Closing Date · 3.75x
  • From on the last day of the eighth full consecutive Fiscal Quarter ending after the Closing Date and the last day of each Fiscal Quarter ending thereafter · 3.50x
The Parent will maintain as of the last day of the Measurement Period commencing with the first Fiscal Quarter end date occurring on or after the Closing Date, a Consolidated Leverage Ratio of not more than (i) on the last day of the Fiscal Quarter during which the Closing Date occurs, 4.75 to 1.00
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured4.00x
The Parent will maintain as of the last day of each Measurement Period, commencing with the first Fiscal Quarter end date occurring on or after the Effective Date, a ratio of Consolidated Adjusted EBITDA to Consolidated Interest Expense of not less than 4.0 to 1.0.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured3.50x
  • From on the last day of the Fiscal Quarter during which the Acquisition Closing Date occurs · 4.75x
  • From on the last day of each of the first and second full consecutive Fiscal Quarters ending after the Acquisition Closing Date · 4.50x
  • From on the last day of the third full consecutive Fiscal Quarter ending after the Acquisition Closing Date · 4.25x
  • From on the last day of the fourth and fifth full consecutive Fiscal Quarters ending after the Acquisition Closing Date · 4.00x
  • From on the last day of the sixth and seventh full consecutive Fiscal Quarters ending after the Acquisition Closing Date · 3.75x
The Parent will maintain as of the last day of the Measurement Period, commencing with the first Fiscal Quarter end date occurring on or after the Effective Date, a Consolidated Leverage Ratio of not more than (i) prior to the Acquisition Closing Date, 3.50 to 1.00.
Read the filing on sec.gov ↗

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TERM LOAN CREDIT AGREEMENT

Signed Sep 18, 2026

Committed
$4bn
Matures
n/a
Agent
CITIBANK, N.A.
TrancheSizeMaturesMargin
Tranche 1$2bnn/a75–125 bps
Tranche 2$2bnn/a75–125 bps

Priced over Term SOFR, floor 0 bps (Term Loan A).

LevelConditionMarginUnused fee
Level LEVEL ILong-Term Senior Unsecured Debt rated at least A by S&P or A2 by Moody’s75 bpsn/a
Level LEVEL IILong-Term Senior Unsecured Debt rated at least A- by S&P or A3 by Moody’s but less than the Debt Rating in Level I88 bpsn/a
Level LEVEL IIILong-Term Senior Unsecured Debt rated at least BBB+ by S&P or Baa1 by Moody’s but less than the Debt Rating in Level II100 bpsn/a
Level LEVEL IVLong-Term Senior Unsecured Debt rated at least BBB by S&P or Baa2 by Moody’s but less than the Debt Rating in Level III113 bpsn/a
Level LEVEL VLong-Term Senior Unsecured Debt rated less than or equal to BBB- by S&P or Baa3 by Moody’s125 bpsn/a

Lenders: CITIBANK, N.A., BOFA SECURITIES, INC., HSBC SECURITIES (USA) INC., MORGAN STANLEY SENIOR FUNDING, INC., WELLS FARGO SECURITIES, LLC

CREDIT AGREEMENT

Signed Sep 18, 2026

Committed
$3bn
Matures
Sep 2031
Agent
CITIBANK, N.A.
TrancheSizeMaturesMargin
Revolving credit facility$3bnSep 203169–120 bps

Priced over Term SOFR, floor 0 bps (Revolving credit facility).

LevelConditionMarginUnused fee
Level LEVEL IDebt Rating*: Long-Term Senior Unsecured Debt rated at least A by S&P or A2 by Moody’s69 bps7 bps
Level LEVEL IIDebt Rating*: Long-Term Senior Unsecured Debt rated at least A- by S&P or A3 by Moody’s but less than the Debt Rating in Level I80 bps8 bps
Level LEVEL IIIDebt Rating*: Long-Term Senior Unsecured Debt rated at least BBB+ by S&P or Baa1 by Moody’s but less than the Debt Rating in Level II90 bps10 bps
Level LEVEL IVDebt Rating*: Long-Term Senior Unsecured Debt rated at least BBB by S&P or Baa2 by Moody’s but less than the Debt Rating in Level III100 bps13 bps
Level LEVEL VDebt Rating*: None of Levels I, II, III or IV is applicable120 bps18 bps

Lenders: CITIBANK, N.A., BOFA SECURITIES, INC., HSBC SECURITIES (USA) INC., MORGAN STANLEY SENIOR FUNDING, INC., WELLS FARGO SECURITIES, LLC

No amendments on file yet.

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