Aon plc and its subsidiaries entered into a new credit agreement on September 18, 2026, to support corporate operations and a pending acquisition. The filing details two separate credit facilities with Citibank, N.A. acting as the administrative agent.
The first agreement is a Term Loan Credit Agreement providing a total of $4 billion in unsecured delayed draw term loan facilities. This amount is split into two tranches: $2 billion maturing on September 18, 2028, and another $2 billion maturing on September 18, 2029. The loans are available to Aon North America, Inc. (ANA) to fund a portion of the cash consideration for its acquisition of USI Advantage Corp., as well as related fees and expenses.
The second agreement is a Revolving Credit Agreement, which establishes a $3 billion unsecured revolving credit facility. This facility replaces two previously existing facilities and matures on September 18, 2031, subject to optional one-year extensions. Borrowings under this agreement can be made in U.S. dollars, pounds sterling, and euros, with specific limits on borrowing by Aon UK Limited.
Both agreements include financial covenants, including a consolidated adjusted EBITDA to interest expense ratio of at least 4.00 to 1.00. The revolving facility also includes a funded net debt to EBITDA covenant, which is set at 3.50 to 1.00 prior to the USI Acquisition and adjusts to 4.75 to 1.00 afterward, with step-downs over an eight-quarter period to 3.50 to 1.00.
