Aon plc established $4,000,000,000 of unsecured term-loan capacity and a $3,000,000,000 revolving Credit Facility on September 18, 2026. The term-loan proceeds are intended to fund part of the cash consideration for the USI Acquisition, related transactions, fees and expenses, while the revolver replaces two earlier facilities.

Key Highlights

  • The term-loan commitments total $4,000,000,000, split evenly between two $2,000,000,000 tranches.
  • Tranche 1 matures on September 18, 2028, while Tranche 2 comes due on September 18, 2029.
  • The revolving facility matures on September 18, 2031 and allows optional one-year extensions.

Aon plc (NYSE: AON) entered into agreements providing $4,000,000,000 of unsecured delayed-draw term-loan commitments and a $3,000,000,000 unsecured revolving credit facility. The agreements were entered into on September 18, 2026. Aon North America, Inc. is the borrower under the term-loan arrangement, while several Aon entities can borrow under the revolving facility.

$4B Term Financing

The term-loan commitments are split evenly between two facilities. Tranche 1 carries $2,000,000,000 and has a two-year term, while Tranche 2 also carries $2,000,000,000 and has a three-year term. The proceeds can be drawn by Aon North America, Inc. on the closing date of the USI Acquisition, subject to the agreement’s financing conditions. Borrowings may be made in U.S. dollars. Interest is based on either term SOFR or an alternate base rate, with the applicable Margin tied to Aon’s senior unsecured long-term Debt rating. Both tranches may be prepaid at any time without a penalty or premium. The term-loan agreement includes a consolidated adjusted EBITDA-to-consolidated-interest-expense covenant that cannot fall below 4.00 to 1.00.

$3B Revolving Facility

The new revolving agreement replaces two earlier revolving facilities, each with $1,000,000,000 of capacity. One dated from 2021 and the other from 2023. The revolving agreement’s interest terms vary by currency. U.S.-dollar borrowings use term SOFR or an alternate base rate, euro borrowings use the eurocurrency rate, and pounds-sterling borrowings use SONIA. Each rate carries a margin linked to Aon’s senior unsecured long-term debt rating. Aon UK Limited’s borrowings are capped at $1,000,000,000. The arrangement also contains financial covenants, other undertakings and events of default customary for this type of financing.