Aon plc (NYSE: AON) has announced the commencement of cash tender offers and related consent solicitations for outstanding debt securities of NFP Corp. The offers include the 6.875% senior notes due 2028, 4.875% senior secured notes due 2028, 7.500% senior secured notes due 2030, and 8.500% senior secured notes due 2031, each issued by NFP Corp.
In connection with the offers, the offeror is soliciting consents of holders of the notes to eliminate or modify substantially all of the restrictive covenants and to reduce the notice period required in connection with an optional redemption of the notes, among other provisions.
The early tender deadline for each offer is 5:00 p.m., New York City time, on April 15, 2024, and each offer will expire at 5:00 p.m., New York City time, on April 30, 2024. The total consideration offered per $1,000 principal amount of notes varies for each series, with the highest being $1,115.14 for the 8.500% senior secured notes due 2031.
The offers are subject to the satisfaction or waiver of certain conditions, including the consummation of the acquisition of NFP Intermediate Holdings A Corp. by the offeror. Morgan Stanley & Co. LLC is acting as the dealer manager and solicitation agent for the offers and the consent solicitations.
Following these announcements, the company's shares moved -0.7%, and are now trading at a price of $327.39. Check out the company's full 8-K submission here.
