Aon Secures $7B in New Credit Facilities to Fund $17B USI Acquisition
AON is trading near its 52-week low of $290.7 (1.7% above the low).
Summary
Aon secured $7.0 billion in new credit facilities — a $4.0 billion term loan and a $3.0 billion revolving facility — to fund its $17 billion USI acquisition, replacing two smaller existing revolvers.
Key Events · Financing and Capital Events · AON
-
$4B Term Loan for USI Acquisition
Aon entered into a $4.0 billion delayed draw term loan facility on September 18, 2026, split into a $2.0 billion two-year tranche and a $2.0 billion three-year tranche, to fund a portion of the $17 billion USI acquisition.
-
$3B Revolving Facility Replaces Two Smaller Revolvers
A new $3.0 billion revolving credit facility replaces the existing $1.0 billion 2021 facility and $1.0 billion 2023 facility, extending maturity to September 18, 2031 with optional one-year extensions.
-
Financial Covenants Set
The new facilities require a minimum consolidated adjusted EBITDA to interest expense ratio of 4.0x and a maximum leverage ratio of 4.75x post-acquisition, stepping down to 3.50x over eight fiscal quarters.
-
Completes Acquisition Financing Package
This $7.0 billion in credit facilities adds to the $13.5 billion senior notes offering priced September 14-15, 2026, completing the debt financing for the USI acquisition.
Analysis · AON · Finance
Aon entered into a $4.0 billion delayed draw term loan facility and a new $3.0 billion revolving credit facility on September 18, 2026. The term loan, split into $2.0 billion two-year and $2.0 billion three-year tranches, will fund a portion of the $17 billion USI acquisition. The revolving facility replaces two existing $1.0 billion facilities, expanding capacity to $3.0 billion and extending maturity to 2031. This adds $7.0 billion in committed credit capacity on top of the $13.5 billion senior notes offering priced earlier in September, completing the debt financing package for the acquisition. The new facilities carry financial covenants including a minimum EBITDA-to-interest ratio of 4.0x and a leverage ratio that steps down from 4.75x to 3.50x over eight quarters post-acquisition.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 30.2% of the 1645 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, AON was trading at $295.60 on NYSE in the Finance sector, with a market capitalization of approximately $61.7B. The 52-week trading range was $290.70 to $382.34. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.