Aon Announces Early Tender Results and Reference Yields

Aon plc (NYSE: AON) has announced the early tender results and reference yields for its cash tender offers and related consent solicitations for outstanding debt securities of NFP Corp. As of the early tender date, the aggregate principal amount of each series of notes that had been validly tendered and not validly withdrawn in the offers and consent solicitations has been disclosed. Here's a breakdown of the early tender results and certain payment terms:

  • For the 6.875% senior notes due 2028, a total of $2,040,911,000 had been tendered, representing 98.36% of the principal amount outstanding.
  • The 4.875% senior secured notes due 2028 saw $504,116,000 tendered, accounting for 91.66% of the principal amount outstanding.

Furthermore, the reference yield for each series of fixed spread notes has been determined. For the 7.500% senior secured notes due 2030, the reference yield was calculated at 5.083%, while for the 8.500% senior secured notes due 2031, it stood at 4.856%.

It's important to note that the early tender payment and total consideration for each series of notes have been specified, and the offers and consent solicitations have certain payment terms. The early tender date has passed, and withdrawal rights for the offers and consent solicitations have expired.

Additionally, the offeror has provided details on the proposed amendments and proposed release amendments, which are expected to become operative on the early settlement date or the final settlement date. The offer and the related consent solicitation are set to expire on the expiration date, with payment for the notes being made on the final settlement date, anticipated to be May 2, 2024.

The offeror's obligation to consummate the offers is 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 serving as the dealer manager and solicitation agent for the offers and the consent solicitations, while D.F. King & Co., Inc. is the information and tender agent for the offers and consent solicitations.

This news release serves for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell the notes. It's advised that holders and investors carefully read the offer to purchase as it contains important information regarding the various terms and conditions of the offers and the consent solicitations.

Aon plc exists to shape decisions for the better and provides advice and solutions to clients in over 120 countries and sovereignties. For those following Aon, the company can be found on LinkedIn, Facebook, and Instagram, and individuals can stay up-to-date by visiting Aon’s newsroom and signing up for news alerts.

This summary presents a detailed overview of the early tender results and reference yields for Aon's cash tender offers and related consent solicitations, providing specific figures and metrics from the press release. As a result of these announcements, the company's shares have moved 0.9% on the market, and are now trading at a price of $306.87. Check out the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.