Aon secures $4 billion term loans for USI deal and a $3 billion revolving credit facility
On September 18, 2026, Aon and its subsidiaries signed two credit agreements with Citibank as administrative agent: $4 billion of delayed draw term loans, available at the closing of the USI Acquisition, and a $3 billion unsecured revolving credit facility. The term loans will help pay part of the cash consideration for USI under the merger agreement dated August 30, 2026, and the revolver replaces two $1 billion facilities that were terminated.
Key points
- Term loans total $4 billion: $2 billion maturing September 18, 2028 and $2 billion maturing September 18, 2029, both prepayable without penalty.
- Term loan proceeds will fund part of the cash consideration for the USI Acquisition and related fees and expenses.
- The $3 billion revolver matures September 18, 2031, subject to optional one-year extensions, and replaces two $1 billion facilities terminated effective September 18, 2026.
- Post-acquisition leverage covenant is up to 4.75 to 1.00 (funded net debt to adjusted EBITDA), stepping down to 3.50 to 1.00 over eight fiscal quarters.
The filing
Written by AI on Nov 8, 2026, 1:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 22, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.