Latham & Watkins Advises Aon in US$1 Billion Senior Note Financing

A cross-border team of US and English debt capital markets lawyers counseled Aon in the offering.

May 18, 2020

Latham & Watkins represented Aon Corporation in a public offering of US$1 billion aggregate principal amount of its 2.8% senior notes due 2030. The notes were guaranteed by the issuer’s Irish parent, Aon plc, as well as by Aon Global Holdings plc and Aon plc, two subsidiaries of the parent organized under the laws of England and Wales. Aon is a leading global professional services firm providing a broad range of risk, retirement, and health solutions.

Aon offered the notes before completing its combination with Willis Towers Watson, an all-stock transaction with an implied combined equity value of approximately US$80 billion, which is currently pending, and shortly after a reorganization that changed the parent’s place of incorporation from the United Kingdom to Ireland. Latham also advised Aon in the combination and the reorganization. The offering of the notes was not conditioned on the combination.

Latham & Watkins LLP represented Aon in the offering with a deal team led by Chicago and New York partners Christopher Lueking, Roderick Branch, and Benjamin Stern, with Chicago counsel Manasi Bhatacharyya and associates Austin Arnett, Paul Holmer, Greer Gaddie, and Lucy Chauvin. Advice was also provided on tax matters by Washington, D.C. partner Nicholas DeNovio and Chicago partner Rene de Vera, with Washington, D.C. associate Pierce Pandolph; and on English law matters by London partner Lene Malthasen and associate Amina Tsatiashvili.

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