Aon's $17B USI Acquisition Bond Draws $65B Demand
AON is trading near its 52-week low of $302.44 (2.3% above the low).
Summary
Aon's bond offering to fund its $17 billion acquisition of USI Insurance Services attracted $65 billion in demand, according to Bloomberg. The massive oversubscription signals strong investor confidence in the deal and Aon's credit profile. This follows the definitive agreement announced on August 31 and the recent filing of USI's financials. The financing is a key step toward closing the acquisition, which will create the leading U.S. insurance broker. Watch for the final pricing and allocation of the notes.
At the time of this announcement, AON was trading at $309.29 on NYSE in the Finance sector, with a market capitalization of approximately $63.1B. The 52-week trading range was $302.44 to $382.34. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.