UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 8.01 | Other Events. |
On September 14, 2026, Aon North America, Inc., a Delaware corporation (“ANA”), Aon Global Holdings plc, a public limited company formed under the laws of England and Wales (“AGH” and, together with ANA, the “Issuers”), Aon plc, an Irish public limited company (“Aon plc”), Aon Corporation, a Delaware corporation (“Aon Corporation”) and Aon Global Limited, a private limited company formed under the laws of England and Wales (“AGL” and, together with Aon plc and Aon Corporation, the “Guarantors” and each, a “Guarantor”), entered into an underwriting agreement (the “Underwriting Agreement”) with Citigroup Global Markets Inc., BofA Securities, Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC and HSBC Securities (USA) Inc., as representatives of the several underwriters named therein (collectively, the “Underwriters”), with respect to the offering and sale by the Issuers of $2,000,000,000 aggregate principal amount of 5.350% Senior Notes due 2029 (the “2029 Notes”), $3,000,000,000 aggregate principal amount of 5.625% Senior Notes due 2031 (the “2031 Notes”), $2,000,000,000 aggregate principal amount of 5.800% Senior Notes due 2033 (the “2033 Notes”), $2,750,000,000 aggregate principal amount of 5.950% Senior Notes due 2036 (the “2036 Notes”), $1,000,000,000 aggregate principal amount of 6.100% Senior Notes due 2038 (the “2038 Notes) and $750,000,000 aggregate principal amount of 6.450% Senior Notes due 2046 (the “2046 Notes” and, together with the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes and the 2038 Notes, the “USI Acquisition Notes”) and $2,000,000,000 aggregate principal amount of 6.450% Senior Notes due 2056 (the “2056 Notes” and, together with the USI Acquisition Notes, the “Notes”), pursuant to the Issuers’ shelf registration statement on Form S-3 (Registration File Nos. 333-297255, 333-297255-01, 333-297255-02, 333-297255-03 and 333-297255-04). Each Guarantor has fully and unconditionally, jointly and severally, guaranteed the Notes pursuant to the Indenture (as defined below) (collectively, the “Guarantees” and, together with the Notes, the “Securities”). The Securities were issued pursuant to an indenture, dated March 1, 2024 (the “Base Indenture”), among the Issuers, the Guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), as amended and supplemented by a second supplemental indenture, dated September 17, 2026 (the “Second Indenture Supplement” and, together with the Base Indenture, the “Indenture”), among the Issuers, the Guarantors and the Trustee. The Notes are senior unsecured debt obligations of the Issuers and are fully and unconditionally guaranteed on a senior unsecured basis by the Guarantors.
The 2029 Notes mature on September 17, 2029 and bear interest at a rate of 5.350% per annum, payable semi-annually in arrears. The 2031 Notes mature on September 17, 2031 and bear interest at a rate of 5.625% per annum, payable semi-annually in arrears. The 2033 Notes mature on September 17, 2033 and bear interest at a rate of 5.800% per annum, payable semi-annually in arrears. The 2036 Notes mature on September 17, 2036 and bear interest at a rate of 5.950% per annum, payable semi-annually in arrears. The 2038 Notes mature on September 17, 2038 and bear interest at a rate of 6.100% per annum, payable semi-annually in arrears. The 2046 Notes mature on September 17, 2046 and bear interest at a rate of 6.450% per annum, payable semi-annually in arrears. The 2056 Notes mature on September 17, 2056 and bear interest at a rate of 6.450% per annum, payable semi-annually in arrears.
Prior to August 17, 2029 (in the case of the 2029 Notes), August 17, 2031 (in the case of the 2031 Notes), July 17, 2033 (in the case of the 2033 Notes), June 17, 2036 (in the case of the 2036 Notes), June 17, 2038 (in the case of the 2038 Notes), March 17, 2046 (in the case of the 2046 Notes) and March 17, 2056 (in the case of the 2056 Notes) (each, a “Par Call Date”), the Issuers may redeem the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2038 Notes, the 2046 Notes and/or the 2056 Notes at their option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal places) equal to the greater of:
| (a) | the sum of the present values of the remaining scheduled payments of principal and interest on the Notes of such series being redeemed discounted to the redemption date (assuming the Notes of such series being redeemed matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Second Indenture Supplement), plus (i) 10 basis points (0.100%), in the case of the 2029 Notes, (ii) 15 basis points (0.150%), in the case of the 2031 Notes, (iii) 15 basis points (0.150%), in the case of the 2033 Notes, (iv) 20 basis points (0.200%), in the case of the 2036 Notes, (v) 20 basis points (0.200%), in the case of the 2038 Notes, (vi) 20 basis points (0.200%), in the case of the 2046 Notes and (vii) 20 basis points (0.200%), in the case of the 2056 Notes, less (b) accrued and unpaid interest to the date of redemption, and |
| (b) | 100% of the principal amount of the Notes of such series being redeemed, |
plus, in each case, accrued and unpaid interest on the principal amount of the Notes being redeemed to the redemption date.
On or after the applicable Par Call Date, the Issuers may redeem the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2038 Notes, the 2046 Notes and/or the 2056 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.
In the event that the previously announced acquisition by ANA, a Delaware corporation and an indirect, wholly owned subsidiary of Aon plc (the “Acquirer”), of USI Advantage Corp. (“USI” and such acquisition, the “USI Acquisition”) pursuant to the agreement and plan of merger, dated as of August 30, 2026 (the “Merger Agreement”), entered into by and among Aon plc, the Acquirer, and USI, among others, is not consummated on or before the earliest of (i) June 1, 2027 (subject to two extensions of up to three months each if one or more regulatory approvals remain outstanding), (ii) the valid termination of the Merger Agreement (other than in connection with the consummation of the USI Acquisition) and (iii) the Issuers’ determination based on their reasonable judgment (in which case the Issuers will notify the Trustee in writing thereof) that the USI Acquisition will not be consummated, the Issuers will be required to redeem all of the outstanding USI Acquisition Notes of each series (but not the 2056 Notes) at a redemption price equal to 101% of the aggregate principal amount of such USI Acquisition Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date in the manner set forth in the Second Indenture Supplement.
The net proceeds from the offering of the Notes, after deducting the underwriting discounts and estimated offering expenses payable by the Issuers, were approximately $13,400,800,000. The Issuers intend to use the net proceeds from the offering of the Notes for general corporate purposes, including, together with the net proceeds of a term loan facility expected to be entered into by ANA and, to the extent necessary, cash on hand or other sources of liquidity, to (i) pay the cash consideration with respect to the USI Acquisition, (ii) effect the repayment or redemption of certain outstanding indebtedness of USI and its subsidiaries, and (iii) pay fees, premiums and expenses in connection with the foregoing.
The preceding description of the Underwriting Agreement, the Base Indenture, the Second Indenture Supplement and the Securities does not purport to be complete and is qualified entirely by reference to the full text of the Underwriting Agreement, the Base Indenture, the Second Indenture Supplement and the form of the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2038 Notes, the 2046 Notes and the 2056 Notes (in each case, including the Guarantees), which are filed as Exhibits 1.1, 4.1, 4.2, 4.3, 4.4, 4.5, 4.6, 4.7, 4.8 and 4.9, respectively, to this Current Report on Form 8-K and are incorporated by reference herein.
In connection with the issuance of the Securities, Skadden, Arps, Slate, Meagher & Flom LLP is filing the legal opinion attached as Exhibit 5.1 to this Current Report on Form 8-K, Skadden, Arps, Slate, Meagher & Flom (UK) LLP is filing the legal opinion attached as Exhibit 5.2 to this Current Report on Form 8-K and Matheson LLP is filing the legal opinion attached as Exhibit 5.3 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AON PLC | ||
| By: | /s/ Darren Zeidel |
|
| Name: | Darren Zeidel | |
| Title: | Executive Vice President, General Counsel and Company Secretary |
Date: September 17, 2026
Exhibit 1.1
Aon North America, Inc.
Aon Global Holdings plc
Aon plc
Aon Corporation
Aon Global Limited
$2,000,000,000 5.350% Senior Notes due 2029
$3,000,000,000 5.625% Senior Notes due 2031
$2,000,000,000 5.800% Senior Notes due 2033
$2,750,000,000 5.950% Senior Notes due 2036
$1,000,000,000 6.100% Senior Notes due 2038
$750,000,000 6.450% Senior Notes due 2046
$2,000,000,000 6.450% Senior Notes due 2056
UNDERWRITING AGREEMENT
September 14, 2026
Citigroup Global Markets Inc.
BofA Securities, Inc.
Morgan Stanley & Co. LLC
Wells Fargo Securities, LLC
HSBC Securities (USA) Inc.
As representatives (the “Representatives”) of the several underwriters listed in Exhibit A hereto
| c/o | Citigroup Global Markets Inc. |
388 Greenwich Street
New York, New York 10013
| c/o | BofA Securities, Inc. |
One Bryant Park
New York, New York 10036
| c/o | Morgan Stanley & Co. LLC |
1585 Broadway
New York, New York 10036
| c/o | Wells Fargo Securities, LLC |
550 South Tryon Street, 5th Floor
Charlotte, North Carolina 28202
| c/o | HSBC Securities (USA) Inc. |
66 Hudson Boulevard
New York, New York 10001
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Ladies and Gentlemen:
| 1. | Introductory. |
| (a) | Aon North America, Inc., a Delaware corporation (the “Company”) and Aon Global Holdings plc, a public limited company formed under the laws of England and Wales (the “Co-Issuer” and, together with the Company, the “Issuers” and each, an “Issuer”), agree with the several underwriters named in Exhibit A hereto (the “Underwriters”) to issue and sell to the several Underwriters $2,000,000,000 principal amount of their 5.350% Senior Notes due 2029 (the “2029 Notes”), $3,000,000,000 principal amount of their 5.625% Senior Notes due 2031 (the “2031 Notes”), $2,000,000,000 principal amount of their 5.800% Senior Notes due 2033 (the “2033 Notes”), $2,750,000,000 principal amount of their 5.950% Senior Notes due 2036 (the “2036 Notes”), $1,000,000,000 principal amount of their 6.100% Senior Notes due 2038 (the “2038 Notes”), $750,000,000 principal amount of their 6.450% Senior Notes due 2046 (the “2046 Notes”) and $2,000,000,000 principal amount of their 6.450% Senior Notes due 2056 (the “2056 Notes” and, together with the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2038 Notes and the 2046 Notes, the “Notes”), to be issued under an indenture dated as of March 1, 2024 (the “Base Indenture”), among the Issuers, the Guarantors (as defined below) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), as supplemented by a second supplemental indenture to be dated as of the Closing Date (as defined below) (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) among the Issuers, the Guarantors and the Trustee. The Notes will be fully and unconditionally guaranteed as to the payment of principal and interest by Aon plc, a public limited company formed under the laws of Ireland (“Aon plc”), Aon Corporation, a Delaware corporation (“Aon Corporation”) and Aon Global Limited, a private limited company incorporated under the laws of England and Wales (“AGL” and, together with Aon plc and Aon Corporation, the “Guarantors,” and each, a “Guarantor,” and such guarantees, the “Guarantees”). The Notes, together with the Guarantees, are referred to in this Agreement as the “Securities.” |
| (b) | Aon plc, the Company, Cortlandt Acquisition Corp., a Delaware corporation and a direct, wholly owned subsidiary of the Company (“Merger Sub” and, together with Aon plc and the Company, the “Aon Parties”), USI Advantage Corp., a Delaware corporation (“Target”), and Uno Aggregator II L.P., a Delaware limited liability partnership (“Target Securityholder Representative” and, together with Target, the “Target Parties”), entered into an agreement and plan of merger (the “Merger Agreement”), dated as of August 30, 2026, pursuant to which, subject to the terms and conditions thereof, Merger Sub will merge with and into Target, with Target being the surviving corporation. The term “Merger Agreement” as used herein shall include all exhibits, schedules, disclosure letters and attachments to such Merger Agreement. |
| 2. | Representations and Warranties of the Issuers. Each of the Issuers and the Guarantors represents and warrants to, and agrees with, the several Underwriters that: |
| (a) | Filing and Effectiveness of Registration Statement; Certain Defined Terms. The Issuers and the Guarantors have filed with the Commission a registration statement on Form S-3 (Nos. 333-297255, 333-297255-01, 333-297255-02, 333-297255-03, and 333-297255-04), including a related prospectus or prospectuses, covering the registration of the Securities under the Act, which has become effective. “Registration Statement” at any particular time means such registration statement in the form then filed with the Commission, including any amendment thereto, any document incorporated by reference therein and all 430B Information and all 430C Information with respect to such registration statement, that in any case has not been superseded or modified. “Registration Statement” without reference to a time means such registration statement as of the time as of which such registration statement was declared effective by the Commission or has become effective upon filing pursuant to Rule 462(c). For purposes of this definition, 430B Information shall be considered to be included in the Registration Statement as of the time specified in Rule 430B. |
For purposes of this Agreement:
“430B Information” means information included in a prospectus then deemed to be a part of the Registration Statement pursuant to Rule 430B(e) or retroactively deemed to be a part of the Registration Statement pursuant to Rule 430B(f).
“430C Information” means information included in a prospectus then deemed to be a part of the Registration Statement pursuant to Rule 430C.
“Act” means the Securities Act of 1933, as amended.
“Applicable Time” means 4:15 p.m. (New York City time) on the date of this Agreement.
“Closing Date” has the meaning set forth in Section 3 hereof.
“Commission” means the Securities and Exchange Commission.
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“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Final Prospectus” means the Statutory Prospectus that discloses the public offering price, other 430B Information and other final terms of the Securities, and otherwise satisfies Section 10(a) of the Act.
“General Use Issuer Free Writing Prospectus” means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors, as evidenced by its being so specified in Exhibit B to this Agreement.
“Issuer Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433, relating to the Securities in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Issuers’ records pursuant to Rule 433(g).
“Limited Use Issuer Free Writing Prospectus” means any Issuer Free Writing Prospectus that is not a General Use Issuer Free Writing Prospectus.
“Rules and Regulations” means the rules and regulations of the Commission.
“Securities Laws” means, collectively, the Sarbanes-Oxley Act of 2002, as amended, and all rules and regulations promulgated thereunder or implementing the provisions thereof (“Sarbanes-Oxley”), the Act, the Exchange Act, the Trust Indenture Act, the Rules and Regulations, the auditing principles, rules, standards and practices applicable to auditors of “issuers” (as defined in Sarbanes-Oxley) promulgated or approved by the Public Company Accounting Oversight Board and, as applicable, the rules of The New York Stock Exchange (“Exchange Rules”).
“Statutory Prospectus” with reference to any particular time means the prospectus relating to the Securities that is included in the Registration Statement immediately prior to that time, including all 430B Information and all 430C Information with respect to the Registration Statement. For purposes of the foregoing definition, 430B Information shall be considered to be included in the Statutory Prospectus only as of the actual time that such form of prospectus (including a prospectus supplement) is filed with the Commission pursuant to Rule 424(b) and not retroactively.
“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.
Unless otherwise specified, a reference to a “rule” is to the indicated rule under the Act.
| (b) | Compliance with Act Requirements. (i) (A) At the time the Registration Statement initially became effective, (B) at the time of each amendment thereto for the purposes of complying with Section 10(a)(3) of the Act (whether by post-effective amendment, incorporated report or form of prospectus) and (C) on the Closing Date, the Registration Statement conformed and will conform in all material respects to the requirements of the Act and the Rules and Regulations and did not and will not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and (ii) (A) on its date, (B) at the time of filing the Final Prospectus pursuant to Rule 424(b) and (C) on the Closing Date, the Final Prospectus will conform in all material respects to the requirements of the Act and the Rules and Regulations, and will not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to (i) that part of the Registration Statement that constitutes the Statement of Eligibility and Qualification (Form T-1) of the Trustee under the Trust Indenture Act and (ii) statements in or omissions from any such document based upon written information furnished to the Issuers by any Underwriter through the Representatives specifically for use therein, it being understood and agreed that the only such information is that described as such in Section 8(b) hereof. |
| (c) | Automatic Shelf Registration Statement. (i) Well-Known Seasoned Issuer Status. (A) At the time of initial filing of the Registration Statement, (B) at the time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3) of the Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), and (C) at the time the Issuers, the Guarantors or any person acting on their respective behalf (within the meaning, for this clause only, of Rule 163(c)) made any offer relating to the Securities in reliance on the exemption of Rule 163, each of the Issuers and the Guarantors was a “well-known seasoned issuer” as defined in Rule 405, including not having been an “ineligible issuer” as defined in Rule 405. |
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| (ii) | Effectiveness of Automatic Shelf Registration Statement. The Registration Statement is an “automatic shelf registration statement,” as defined in Rule 405, that initially became effective within three years of the date of this Agreement. |
| (iii) | Eligibility to Use Automatic Shelf Registration Form. Neither of the Issuers nor any of the Guarantors has received from the Commission any notice pursuant to Rule 401(g)(2) objecting to use of the automatic shelf registration statement form. |
| (iv) | Filing Fees. Either Issuer or a Guarantor has paid or shall pay the required Commission filing fees relating to the Securities within the time required by Rule 456(b)(1) without regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r). |
| (d) | General Disclosure Package. As of the Applicable Time, neither (i) the General Use Issuer Free Writing Prospectus(es) issued at or prior to the Applicable Time, the preliminary prospectus supplement, dated September 11, 2026, including the base prospectus, dated July 2, 2026 (which is the most recent Statutory Prospectus distributed to investors generally), any document incorporated by reference therein and the other information, if any, stated in Exhibit B to this Agreement to be included in the General Disclosure Package, all considered together (collectively, the “General Disclosure Package”), nor (ii) any individual Limited Use Issuer Free Writing Prospectus, when considered together with the General Disclosure Package, included any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the General Disclosure Package in reliance upon and in conformity with written information furnished to the Issuers by any Underwriter through the Representatives specifically for use therein, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section 8(b) hereof. |
| (e) | Issuer Free Writing Prospectuses. Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the Closing Date or until any earlier date that the Issuers notified or notify the Representatives as described in the next sentence, did not, does not and will not include any information that conflicted, conflicts or will conflict with the information then contained in the Registration Statement. If at any time following issuance of an Issuer Free Writing Prospectus and prior to the Closing Date there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information then contained in the Registration Statement or as a result of which such Issuer Free Writing Prospectus, if republished immediately following such event or development, would, when considered together with the rest of the General Disclosure Package, include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (i) the Issuers have promptly notified or will promptly notify the Representatives and (ii) the Issuers have promptly amended or will promptly amend or supplement such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission. |
| (f) | Good Standing of the Issuers and the Guarantors. Each of the Issuers and the Guarantors has been duly incorporated or formed, as applicable, and is existing and, where such concept applies, in good standing under the laws of the jurisdiction of its incorporation, with corporate power and authority, where such concept applies, to own its properties and conduct its business as described in the General Disclosure Package; and each of the Issuers and the Guarantors is duly qualified to do business as a foreign corporation in good standing, where such concept applies, in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to so qualify or be in good standing would not, individually or in the aggregate, reasonably be expected to result in a material adverse effect or any development or event involving a prospective material adverse effect on the financial condition, results of operations, business or properties of the Issuers, the Guarantors and their respective subsidiaries taken as a whole (“Material Adverse Effect”). |
| (g) | Significant Subsidiaries. Each subsidiary of Aon plc designated on Exhibit C hereto (each, a “Significant Subsidiary”) (i) has been duly incorporated and is existing and in good standing, where such concept applies, under the laws of the jurisdiction of its incorporation and (ii) has the corporate power and authority to own its properties and conduct its business as described in the General Disclosure Package, except, in the case of clause (ii) above, as would not reasonably be expected to have a Material Adverse Effect; and each Significant Subsidiary is duly qualified to do business as a foreign corporation in good standing, where such concept applies, in all other jurisdictions in which its |
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| ownership or lease of property or the conduct of its business requires such qualification, except where the failure to so qualify or be in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; all of the issued and outstanding capital stock of each Significant Subsidiary has been duly authorized and validly issued and is fully paid and nonassessable; and except as described in the General Disclosure Package, the capital stock of each Significant Subsidiary owned by Aon plc, directly or through subsidiaries, is owned free from liens, encumbrances and security interests. |
| (h) | Execution and Delivery of Indenture. The Base Indenture has been duly authorized and executed and delivered by each of the Issuers and the Guarantors. When the Supplemental Indenture has been duly executed by each of the Issuers and the Guarantors (assuming due authorization, execution and delivery thereof by the Trustee), the Indenture will constitute a valid and binding agreement of each of the Issuers and the Guarantors, enforceable against the Issuers and the Guarantors in accordance with its terms; the Indenture has been qualified under the Trust Indenture Act; the Notes and Guarantees have been duly authorized and, when the Notes and the Guarantees are delivered and paid for pursuant to this Agreement on the Closing Date, such Notes will have been duly executed, authenticated, issued and delivered by each of the Issuers and the Guarantors (assuming that the Notes have been authenticated in the manner provided for in the Indenture) and such Guarantees will have been duly executed, issued and delivered, and the Notes and the Guarantees will conform in all material respects to the information in the General Disclosure Package and to the description of the Securities contained in the Final Prospectus and the Indenture, and the Securities will constitute valid and legally binding obligations of the Issuers or the Guarantors, as the case may be, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. |
| (i) | Absence of Further Requirements. No consent, approval, authorization or order of, or filing or registration with, any person (including any governmental agency or body or any court) is required for the consummation of the transactions contemplated by this Agreement or the Indenture in connection with the offering, issuance and sale of the Securities by the Issuers and the Guarantors, except such as have been obtained or made and such as may be required under federal or state securities laws and except as disclosed or contemplated in the General Disclosure Package and the Final Prospectus. |
| (j) | Absence of Defaults and Conflicts Resulting from Transaction. The issuance and sale by the Issuers and the Guarantors of the Securities and the execution and delivery by the Issuers and the Guarantors of this Agreement, and the performance by the Issuers and the Guarantors of their respective obligations under this Agreement, the Indenture and the Securities, will not contravene (i) the articles of association, certificate of incorporation or by-laws of the Issuers or the Guarantors, as applicable, (ii) any agreement or other instrument binding upon Aon plc or any of its subsidiaries or (iii) any provision of applicable law or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Issuers, the Guarantors or any of their respective subsidiaries, except for, in the cases of clauses (ii) and (iii) above, any such contravention that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. |
| (k) | Absence of Existing Defaults and Conflicts. Neither of the Issuers nor any of the Guarantors is in violation of its organizational documents or in default (or with the giving of notice or lapse of time would be in default) in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, loan agreement, note, lease or other instrument or agreement to which it is a party or by which it or any of its properties may be bound, which violation or default would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. |
| (l) | Authorization of Agreement. This Agreement has been duly authorized, executed and delivered by each of the Issuers and the Guarantors. |
| (m) | Possession of Licenses and Permits. The Issuers, the Guarantors and their respective subsidiaries possess such certificates, authorities or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct the business now operated by them as described in the Registration Statement, the General Disclosure Package and the Final Prospectus and, to the knowledge of the Issuers and the Guarantors, have not received any notice of proceedings relating to the revocation or modification of any certificates, authorities or permits, except where the failure to possess such certificates, authorities or permits would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. |
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| (n) | Absence of Labor Dispute. No labor dispute with the employees of the Issuers, the Guarantors or any of their respective subsidiaries exists or, to the knowledge of the Issuers and the Guarantors, is imminent that would reasonably be expected to have a Material Adverse Effect. |
| (o) | Accurate Disclosure. The statements in the General Disclosure Package and the Final Prospectus under the headings “Description of the Securities,” “Material U.S. Federal Income Tax Consequences,” “Certain U.K. Tax Consequences” and “Certain Irish Tax Consequences,” insofar as such statements summarize legal matters, agreements, documents or proceedings discussed therein, are, in all material respects, accurate and fair summaries of such legal matters, agreements, documents or proceedings and present the information required to be shown. |
| (p) | Absence of Stabilization or Manipulation. Neither of the Issuers nor any of the Guarantors has taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of either of the Issuers in connection with the offering of the Securities. |
| (q) | Internal Controls. There are no material weaknesses in Aon plc’s internal controls over financial reporting (“Internal Controls”). Except as disclosed in the General Disclosure Package, since the date of the latest audited financial statements included in the General Disclosure Package, there has been no change in Aon plc’s internal control that has materially affected, or is reasonably likely to materially affect, Aon plc’s Internal Controls. Aon plc maintains a system of Internal Controls, including, but not limited to, disclosure controls and procedures, internal controls over accounting matters and financial reporting, an internal audit function and legal and regulatory compliance controls, that complies with Rule 13a-15 under the Exchange Act and is sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. |
| (r) | Litigation. There are no legal or governmental proceedings pending or, to the knowledge of the Issuers or Guarantors, threatened to which the Issuers, the Guarantors or any of their respective subsidiaries is a party or to which any of the properties of the Issuers, the Guarantors or any of their respective subsidiaries is subject, other than proceedings fairly summarized in all material respects in the General Disclosure Package and proceedings which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or materially impair the power or ability of the Issuers or the Guarantors to perform their respective obligations under this Agreement, the Indenture or the Securities or to consummate the offering contemplated hereby. |
| (s) | Financial Statements. (i) The financial statements included in the Registration Statement, the General Disclosure Package and the Final Prospectus present fairly in all material respects the financial position of Aon plc and Aon plc’s consolidated subsidiaries as of the dates shown and their results of operations and cash flows for the periods shown, and such financial statements have been prepared in conformity in all material respects with GAAP applied on a consistent basis; and (ii) the assumptions used in preparing the pro forma financial statements included in the Registration Statement, the General Disclosure Package and the Final Prospectus provide a reasonable basis for presenting the significant effects directly attributable to the transactions or events described therein, the related pro forma adjustments give appropriate effect to those assumptions, and the pro forma columns therein reflect the proper application of those adjustments to the corresponding historical financial statement amounts. The pro forma financial statements included in the Registration Statement, the General Disclosure Package and the Final Prospectus comply as to form in all material respects with the applicable accounting requirements of Regulation S-X under the Act. |
| (t) | No Material Adverse Change in Business. Except as disclosed in the General Disclosure Package, since the end of the period covered by the latest audited financial statements included in the General Disclosure Package, there has been no change, nor any development or event involving a prospective change, in the financial condition, results of operations, business or properties of the Issuers, the Guarantors and their respective subsidiaries, taken as a whole, that is material and adverse. |
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| (u) | Investment Company Act. Neither of the Issuers nor any of the Guarantors is and, after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as described in the General Disclosure Package, neither of the Issuers nor any of the Guarantors will be, required to register as an “investment company” as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”). |
| (v) | No Unlawful Payments. (i) Except to the extent as would not reasonably be expected to have a Material Adverse Effect or except as disclosed in the General Disclosure Package, the Issuers and the Guarantors are in compliance in all material respects with the United States Foreign Corrupt Practices Act of 1977 and other applicable United States and foreign anti-corruption laws and regulations (collectively the “Anti-Corruption Laws”), (ii) since January 1, 2011, except to the extent as would not reasonably be expected to have a Material Adverse Effect or except as disclosed in the General Disclosure Package, neither of the Issuers nor any of the Guarantors has been notified of or, in each case, to its knowledge, investigated for a potential violation of Anti-Corruption Laws, and (iii) the Issuers, the Guarantors and their respective subsidiaries have an operational anti-corruption compliance program that includes, at a minimum, policies, procedures and training intended to enhance awareness of and compliance by the Issuers, the Guarantors or their respective subsidiaries with Anti-Corruption Laws. |
| (w) | Compliance with Money Laundering Laws. The operations of the Issuers, the Guarantors and their respective subsidiaries are and have been conducted at all times and in all material respects in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, and all applicable anti-money laundering laws, rules and regulations (collectively, the “Anti-Money Laundering Laws”); and none of the Issuers, any of the Guarantors or any of their respective subsidiaries has been notified of or, in each case, to its knowledge has been investigated for a potential violation of the Anti-Money Laundering Laws. |
| (x) | Compliance with OFAC. (i) None of the Issuers, the Guarantors or any of the Guarantors’ subsidiaries or, to the knowledge of the Issuers and the Guarantors, any director, officer, employee or affiliate of the Issuers, the Guarantors or any of the Guarantors’ subsidiaries is currently, or is owned or controlled by an individual or entity (“Person”) that is, (A) the subject of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the European Union or HM Treasury (collectively, “Sanctions”); or (B) organized, located or a resident in a country or territory that is currently the subject of Sanctions, including without limitation, the non-government controlled areas of the Zaporizhzhia and Kherson Regions of Ukraine, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the Crimea Region of Ukraine, Cuba, Iran and North Korea; and (ii) the Issuers will not directly or, to their knowledge, indirectly use all or part of the proceeds of the offering of the Securities, or lend, contribute or otherwise make available all or part of such proceeds, to any subsidiary, joint venture partner or other person or entity to fund or facilitate any activities or business of or with any Person, or in any country or territory, that, at the time of such funding or facilitation, is the subject of Sanctions, or in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as initial purchaser, underwriter, advisor, investor or otherwise). |
| (y) | Taxes. The Issuers, the Guarantors and each of the Significant Subsidiaries have filed all U.S. federal, U.K. and material U.S. state, local and foreign tax returns required to be filed through the date of this Agreement or have requested extensions thereof; all such returns were true and complete in all material respects; all taxes shown as due and payable on such returns have been timely paid, or withheld and remitted, to the appropriate taxing authority (except as currently being contested in good faith and for which reserves required by applicable U.S. or other generally accepted accounting principles have been created in the financial statements of Aon plc); and no material tax deficiency has been determined adversely to the Issuers, the Guarantors or any of the Significant Subsidiaries which has not been paid. |
| (z) | Choice of Laws. The choice of laws of the State of New York (without giving effect to its conflicts of law principles) as the governing law of this Agreement, the Securities and the Indenture (including the Guarantees set forth therein) is a valid choice of law under the laws of England and Wales and of Ireland and will be honored by the courts of England and Wales and of Ireland. |
| (aa) | Jurisdiction. The Issuers and the Guarantors have the power to submit, and pursuant to Section 17 of this Agreement have legally, validly, effectively and irrevocably submitted, to the non-exclusive jurisdiction of Federal and state courts in the Borough of Manhattan in the City of New York; and the Co-Issuer, Aon plc and AGL have the power to designate, appoint and empower, and pursuant to Section 17 of this Agreement, have legally, validly and effectively designated, appointed and empowered, an agent for service of process in any suit or proceeding based on or arising under this Agreement in Federal and state courts, as applicable, in the Borough of Manhattan in the City of New York. |
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| (bb) | eXtensible Business Reporting Language Interactive Data. The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement fairly presents the required information in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto. |
| (cc) | Cybersecurity. Except as to such matters as would not, singly or in the aggregate, reasonably likely result in a Material Adverse Effect: (i) to the reasonable knowledge of the Issuers, there has been no security breach or other compromise of any of the Issuers’, the Guarantors’ or any of their subsidiaries’ information technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of them), equipment or technology (collectively, “IT Systems and Data”) and the Issuers, the Guarantors and their subsidiaries have not been notified of, and have no knowledge of any event or condition that would reasonably be expected to result in, any security breach or other compromise to their IT Systems and Data; and (ii) the Issuers, the Guarantors and their subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations, in each case, relating to the privacy and security of IT Systems and Data. |
| (dd) | Merger Agreement. The Merger Agreement has been duly authorized, executed and delivered by the Aon Parties and, to the knowledge of the Issuers and the Guarantors, by the Target and the Target Securityholder Representative, and the Merger Agreement is a valid and binding obligation of the Aon Parties enforceable against the Aon Parties and, to the knowledge of the Issuers and the Guarantors, is a valid and binding obligation of the Target Parties enforceable against the Target Parties, in each case in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. To the knowledge of the Issuers and the Guarantors, the representations and warranties of the Target Parties contained in the Merger Agreement (as qualified therein and in the disclosure schedules thereto) were, as of the date of the Merger Agreement, and are, as of the date hereof, true and accurate in all material respects (or, if any such representations or warranties are qualified by materiality, material adverse effect or similar language, true and correct in all respects). |
| 3. | Purchase, Sale and Delivery of the Securities. On the basis of the representations, warranties and agreements and subject to the terms and conditions set forth herein, the Issuers agree to sell to the several Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Issuers: at a purchase price of 99.548% of the principal amount of the 2029 Notes plus accrued interest, if any, from September 17, 2026 to, but excluding, the Closing Date (the “2029 Notes Purchase Price”), at a purchase price of 99.503% of the principal amount of the 2031 Notes plus accrued interest, if any, from September 17, 2026 to, but excluding, the Closing Date (the “2031 Notes Purchase Price”), at a purchase price of 99.460% of the principal amount of the 2033 Notes plus accrued interest, if any, from September 17, 2026 to, but excluding, the Closing Date (the “2033 Notes Purchase Price”), at a purchase price of 99.130% of the principal amount of the 2036 Notes plus accrued interest, if any, from September 17, 2026 to, but excluding, the Closing Date (the “2036 Notes Purchase Price”), at a purchase price of 99.316% of the principal amount of the 2038 Notes plus accrued interest, if any, from September 17, 2026 to, but excluding, the Closing Date (the “2038 Notes Purchase Price”), at a purchase price of 99.178% of the principal amount of the 2046 Notes plus accrued interest, if any, from September 17, 2026 to, but excluding, the Closing Date (the “2046 Notes Purchase Price”) and at a purchase price of 98.809% of the principal amount of the 2056 Notes plus accrued interest, if any, from September 17, 2026 to, but excluding, the Closing Date (the “2056 Notes Purchase Price”) (each of the 2029 Notes Purchase Price, the 2031 Notes Purchase Price, the 2033 Notes Purchase Price, the 2036 Notes Purchase Price, the 2038 Notes Purchase Price, the 2046 Notes Purchase Price, and the 2056 Notes Purchase Price, a “Purchase Price”), the principal amounts of Securities set forth opposite the names of the Underwriters in Exhibit A hereto. |
The Issuers will deliver the Securities to or as instructed by the Representatives for the accounts of the several Underwriters in a form reasonably acceptable to the Representatives against payment of the applicable Purchase Price by the Underwriters in Federal (same day) funds by wire transfer to an account at a bank acceptable to the Representatives through the offices of Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, New York 10017, at 10:00 a.m., New York time, on September 17, 2026, or at such other time not later than seven full business
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days thereafter as the Representatives and the Issuers determine, such time being herein referred to as the “Closing Date”. For purposes of Rule 15c6-1 under the Exchange Act, the Closing Date (if later than the otherwise applicable settlement date) shall be the settlement date for payment of funds and delivery of securities for all the Securities sold pursuant to the offering. The Securities so to be delivered or evidence of their issuance will be made available for inspection at the above office of Davis Polk & Wardwell LLP at least 24 hours prior to the Closing Date.
| 4. | Offering by Underwriters. It is understood that the several Underwriters propose to offer the Securities for sale to the public as set forth in the Final Prospectus. |
| 5. | Certain Agreements of the Issuers and the Guarantors. The Issuers and the Guarantors agree with the several Underwriters that: |
| (a) | Filing of Prospectuses. The Issuers and the Guarantors have filed or will file each Statutory Prospectus (including the Final Prospectus) pursuant to and in accordance with Rule 424(b)(2) (or, if applicable and consented to by the Representatives, subparagraph 5) not later than the second business day following the earlier of the date it is first used or the execution and delivery of this Agreement. The Issuers and the Guarantors have complied and will comply in all material respects with Rule 433. |
| (b) | Filing of Amendments; Response to Commission Requests. The Issuers and the Guarantors will promptly advise the Representatives of any proposal to amend or supplement the Registration Statement or any Statutory Prospectus at any time and will offer the Representatives a reasonable opportunity to comment on any such amendment or supplement; and the Issuers and the Guarantors will also advise the Representatives promptly of (i) the filing of any such amendment or supplement, (ii) any request by the Commission or its staff for any amendment to the Registration Statement, for any supplement to any Statutory Prospectus or for any additional information, (iii) the institution by the Commission of any stop order proceedings in respect of the Registration Statement or the threatening of any proceeding for that purpose and (iv) the receipt by the Issuers or any of the Guarantors of any notification with respect to the suspension of the qualification of the Securities in any jurisdiction or the institution or threatening of any proceedings for such purpose. The Issuers and the Guarantors will use their commercially reasonable efforts to prevent the issuance of any such stop order suspending the effectiveness of the Registration Statement or the suspension of any such qualification where such lack of qualification would have a material adverse impact on the offering of Securities contemplated hereby and, if issued, to obtain as soon as possible the withdrawal thereof. |
| (c) | Continued Compliance with Securities Laws. If, at any time on or prior to the completion of the public offer and sale of the Securities when a prospectus relating to the Securities is (or but for the exemption in Rule 172 would be) required to be delivered under the Act by any Underwriter or dealer, any event occurs as a result of which the Final Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary at any time to amend the Registration Statement or supplement the Final Prospectus to comply with the Act, the Issuers and the Guarantors will promptly notify the Representatives of such event and will promptly prepare and file with the Commission and furnish, at its own expense, to the Underwriters and the dealers and any other dealers upon request of the Representatives, an amendment or supplement which will correct such statement or omission or an amendment which will effect such compliance; provided that any such amendment or supplement required to be prepared after 90 days following the Closing Date shall be at the expense of the Underwriters. Neither the Representatives’ consent to, nor the Underwriters’ delivery of, any such amendment or supplement shall constitute a waiver of any of the conditions set forth in Section 7 hereof. |
| (d) | Rule 158. As soon as practicable, but not later than 16 months, after the date of this Agreement, the Issuers will make generally available to their securityholders an earnings statement covering a period of at least 12 months beginning after the date of this Agreement and satisfying the provisions of Section 11(a) of the Act and Rule 158. |
| (e) | Furnishing of Prospectuses. The Issuers and the Guarantors will furnish to the Representatives copies of the Registration Statement, including all exhibits, any Statutory Prospectus, the Final Prospectus and all amendments and supplements to such documents, in each case as soon as available and in such quantities as the Representatives may reasonably request during such period of time after the first date of the public offering of the Securities as is required by law to be delivered (or required to be delivered but for Rule 172 under the Act) by any Underwriter. |
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| (f) | Blue Sky Qualifications. The Issuers and the Guarantors will arrange for the qualification of the Securities for sale and the determination of their eligibility for investment under the laws of such jurisdictions as the Representatives may designate and will continue such qualifications in effect so long as required for the distribution; provided that neither of the Issuers nor a Guarantor shall be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject. |
| (g) | Payment of Expenses. The Issuers and Guarantors will pay all expenses incident to the performance of their respective obligations under this Agreement, including but not limited to expenses of printing and distributing to the Underwriters prospectuses described in Section 5(e), any fees charged by investment rating agencies for the rating of the Securities, costs and expenses relating to investor presentations or any “road show” in connection with the offering and sale of the Securities including, without limitation, any travel expenses of the officers and employees of the Issuers and Guarantors, and any other expenses of the Issuers or Guarantors, fees and expenses incident to listing the Securities on the New York Stock Exchange, the NYSE American, Nasdaq Stock Market and other national and foreign exchanges, fees and expenses in connection with the registration of the Securities under the Exchange Act, and expenses incurred in distributing preliminary prospectuses and the Final Prospectus (including any amendments and supplements thereto) to the Underwriters and for expenses incurred for preparing, printing and distributing any Issuer Free Writing Prospectuses to investors or prospective investors. It is understood, however, that, except as provided in this Agreement, the Underwriters will pay all of their costs and expenses, including fees and expenses of counsel to the Underwriters, transfer taxes payable on resale of the Securities by them and any advertising expenses connected with any offers they make. |
| (h) | Use of Proceeds. The Issuers will use the net proceeds received in connection with this offering in the manner described in the “Use of Proceeds” section of the General Disclosure Package. |
| (i) | Absence of Manipulation. The Issuers and the Guarantors will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, stabilization or manipulation of the price of any securities of the Issuers or Guarantors to facilitate the sale or resale of the Securities. |
| (j) | Restriction on Disposition of Notes. The Issuers and the Guarantors will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, or file with the Commission a registration statement under the Act relating to, United States dollar-denominated debt securities issued or guaranteed by either of the Issuers or any of the Guarantors and having a maturity of more than one year from the date of issue, or publicly disclose the intention to make any such offer, sale, pledge, disposition or filing, without the prior written consent of the Representatives, during the period beginning on the date hereof and ending on the Closing Date. |
| 6. | Free Writing Prospectuses. (a) Issuer Free Writing Prospectuses. The Issuers and the Guarantors each represent and agree that, unless they obtain the prior consent of the Representatives, and each Underwriter represents and agrees that, unless it obtains the prior consent of the Issuers, the Guarantors and the Representatives, it has not made and will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405, required to be filed with the Commission. Any such free writing prospectus consented to by the Issuers, the Guarantors and the Representatives is hereinafter referred to as a “Permitted Free Writing Prospectus.” Each of the Issuers and the Guarantors represents that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule 433, and has complied and will comply in all material respects with the requirements of Rules 164 and 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping. |
| (b) | Term Sheets. The Issuers and Guarantors will prepare a final term sheet relating to the Securities, containing only information that describes the final terms of the Securities and otherwise in a form consented to by the Representatives, and will file such final term sheet within the period required by Rule 433(d)(5)(ii) following the date such final terms have been established for the offering of the Securities. Any such final term sheet is an Issuer Free Writing Prospectus and a Permitted Free Writing Prospectus for purposes of this Agreement. The Issuers and Guarantors also consent to the use by any Underwriter of a free writing prospectus that contains only (i)(x) information describing the preliminary terms of the Securities or their offering or (y) information that describes the final terms of the Securities or their |
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| offering and that is included in the final term sheet of the Issuers and the Guarantors contemplated in the first sentence of this subsection or (ii) other information that is not “issuer information,” as defined in Rule 433, it being understood that any such free writing prospectus referred to in clause (i) or (ii) above shall not be an Issuer Free Writing Prospectus for purposes of this Agreement. |
| 7. | Conditions of the Obligations of the Underwriters. The obligations of the several Underwriters to purchase and pay for the Securities on the Closing Date will be subject to the accuracy of the representations and warranties of the Issuers and the Guarantors herein (as though made on the Closing Date), to the accuracy of the statements of the officers of the Issuers made pursuant to the provisions hereof, to the performance by the Issuers and the Guarantors of their obligations hereunder and to the following additional conditions precedent: |
| (a) | Accountants’ Comfort Letters. The Representatives shall have received letters, dated, respectively, the date hereof with respect to the General Disclosure Package and the Closing Date with respect to the Final Prospectus, of Ernst & Young LLP, registered public accounting firm and independent public accountants with respect to Aon plc within the meaning of the Securities Laws, and of Ernst & Young LLP, independent auditor with respect to the Target within the meaning of the Securities Laws, in each case, in form and substance reasonably satisfactory to the Representatives and containing statements and information of the type ordinarily included in accountants’ comfort letters with respect to the financial statements and certain financial information contained or incorporated by reference in the General Disclosure Package and the Final Prospectus, and the specified date of such letters shall be a date no more than three business days prior to the date hereof or the Closing Date, as applicable. |
| (b) | Filing of Prospectus. The Final Prospectus shall have been filed with the Commission in accordance with the Rules and Regulations and Section 5(a) hereof. No stop order suspending the effectiveness of the Registration Statement or of any part thereof shall have been issued and no proceedings for that purpose shall have been instituted or, to the knowledge of the Issuers, the Guarantors or any Underwriter, shall be contemplated by the Commission. |
| (c) | No Material Adverse Change. Subsequent to the execution and delivery of this Agreement, there shall not have occurred (i) any change, or any development or event involving a prospective change, in the financial condition, results of operations, business or properties of the Issuers, the Guarantors and their respective subsidiaries taken as a whole, which, in the judgment of the Representatives, is material and adverse and makes it impractical or inadvisable to market the Securities; (ii) any downgrading in the rating of any debt securities or preferred stock of either of the Issuers or any of the Guarantors by any “nationally recognized statistical rating organization” (as defined in Section 3(a)(62) of the Exchange Act), or any public announcement that any such organization has under surveillance or review its rating of any debt securities or preferred stock of the Issuers or any of the Guarantors for a possible downgrading of such rating or any announcement that either of the Issuers or any of the Guarantors has been placed on negative outlook; (iii) any change in U.S. or international financial, political or economic conditions or currency exchange rates or exchange controls the effect of which is such as to make it, in the judgment of the Representatives, impracticable to market or to enforce contracts for the sale of the Securities, whether in the primary market or in respect of dealings in the secondary market; (iv) any suspension or material limitation of trading in securities generally on the New York Stock Exchange, or any setting of minimum or maximum prices for trading on such exchange; (v) any suspension of trading of any securities of either of the Issuers or any of the Guarantors on any exchange or in the over-the-counter market; (vi) any banking moratorium declared by any U.S. federal or New York authorities; (vii) any major disruption of settlements of securities, payment, or clearance services in the United States or any other country where such securities are listed; or (viii) any attack on, outbreak or escalation of hostilities or act of terrorism involving the United States, any declaration of war by Congress or any other national or international calamity or emergency if, in the reasonable judgment of the Representatives, the effect of any such attack, outbreak, escalation, act, declaration, calamity or emergency is such as to make it impractical or inadvisable to market the Securities or to enforce contracts for the sale of the Securities. |
| (d) | Opinion of In-House Counsel to the Issuers. The Representatives shall have received an opinion, to be dated as of the Closing Date, of the In-House Counsel to the Issuers, in form and substance reasonably satisfactory to the Representatives. |
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| (e) | Opinion of Special U.K. and U.S. Counsel for Aon plc and Opinion of Special Irish Counsel for Aon plc. The Representatives shall have received an opinion, to be dated as of the Closing Date, of Skadden, Arps, Slate, Meagher & Flom (UK) LLP, special U.K. counsel to Aon plc, an opinion, to be dated as of the Closing Date, of Skadden, Arps, Slate, Meagher & Flom LLP, special U.S. counsel to the Aon plc, and an opinion, to be dated as of the Closing Date, of Matheson LLP, special Irish counsel to Aon plc, in form and substance reasonably satisfactory to the Representatives. |
| (f) | Opinion and Disclosure Letter of Counsel for Underwriters. The Representatives shall have received from Davis Polk & Wardwell LLP, counsel for the Underwriters, an opinion and a disclosure letter, to be dated as of the Closing Date, with respect to such matters as the Representatives may reasonably require, and the Issuers shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters. |
| (g) | Officers’ Certificate. The Representatives shall have received a certificate, to be dated as of the Closing Date, of an executive officer of the Issuers and the Guarantors and a principal financial or accounting officer or treasurer of the Issuers and the Guarantors in which such officers shall state that: the representations and warranties of the Issuers and the Guarantors in clauses (a), (c), (d), (e), (i), (j), (l), (o), (u), (x) and (dd) of Section 2 of this Agreement are true and correct in all material respects; the representations and warranties of the Issuers and the Guarantors in clauses (b), (f), (g), (h), (k), (m), (n), (p), (q), (r), (s), (t), (v), (w), (y), (z), (aa), (bb) and (cc) of Section 2 of this Agreement are true and correct; the Issuers and the Guarantors have complied in all material respects with all agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing Date; no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or, to the best of their knowledge and after reasonable investigation, are contemplated by the Commission; and, subsequent to the date of the most recent financial statements in the General Disclosure Package, there has been no material adverse change, nor any development or event involving a prospective material adverse change, in the financial condition, results of operations, business or properties of the Issuers, Guarantors and their respective subsidiaries taken as a whole except as set forth in the General Disclosure Package or as described in such certificate. |
| (h) | Chief Financial Officer’s Certificate. The Representatives shall have received, on the date hereof and on the Closing Date, a certificate, dated the respective dates of delivery thereof, from Aon plc’s chief financial officer with respect to certain financial data contained in the Registration Statement, the General Disclosure Package and/or the Final Prospectus, as applicable, providing “management comfort” with respect to such information, in form and substance reasonably satisfactory to the Representatives. |
The Issuers and the Guarantors will furnish the Representatives with such conformed copies of such opinions, certificates, letters and documents as the Representatives may reasonably request. The Representatives may in their sole discretion waive on behalf of the Underwriters compliance with any conditions to the obligations of the Underwriters hereunder.
| 8. | Indemnification and Contribution. (a) Indemnification of the Underwriters. The Issuers and the Guarantors will jointly and severally indemnify and hold harmless each Underwriter, its partners, members, directors, officers, employees, agents, affiliates and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (each, an “Indemnified Party”), against any and all losses, claims, damages or liabilities, joint or several, to which such Indemnified Party may become subject, under the Act, the Exchange Act, other Federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any part of the Registration Statement at any time, any Statutory Prospectus as of any time, the Final Prospectus or any Issuer Free Writing Prospectus, or arise out of or are based upon the omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and will reimburse each Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending against any loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever (whether or not such Indemnified Party is a party thereto), whether threatened or commenced, and in connection with the enforcement of this provision with respect to any of the above as such expenses are incurred; provided, however, that the Issuers and the Guarantors will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement in or omission or alleged omission from (i) that part of the Registration Statement that constitutes the Form T-1 of the Trustee under the Trust Indenture Act and (ii) any of such documents in reliance upon and in conformity with written information furnished to the Issuers by any Underwriter through the Representatives specifically for use therein, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in subsection (b) below. |
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| (b) | Indemnification of the Issuers and the Guarantors. Each Underwriter will severally and not jointly indemnify and hold harmless each of the Issuers, the Guarantors, each of their respective directors and each of their respective officers who signs a Registration Statement and each person, if any, who controls either of the Issuers or any Guarantor within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (each, an “Underwriter Indemnified Party”), against any losses, claims, damages or liabilities to which such Underwriter Indemnified Party may become subject, under the Act, the Exchange Act, other Federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any part of the Registration Statement at any time, any Statutory Prospectus as of any time, the Final Prospectus or any Issuer Free Writing Prospectus, or arise out of or are based upon the omission or the alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Issuers by such Underwriter through the Representatives specifically for use therein, and will reimburse any legal or other expenses reasonably incurred by such Underwriter Indemnified Party in connection with investigating or defending against any such loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever (whether or not such Underwriter Indemnified Party is a party thereto), whether threatened or commenced, based upon any such untrue statement or omission, or any such alleged untrue statement or omission as such expenses are incurred, it being understood and agreed that the only such information furnished by any Underwriter through the Representatives consists of the following information in the General Disclosure Package and the Final Prospectus furnished on behalf of each Underwriter: the concession and reallowance figures appearing in the third paragraph under the caption “Underwriting”; the statement of market making with respect to the Underwriters in the third sentence of the fifth paragraph under the caption “Underwriting”; and the description of stabilizing transactions, over-allotment transactions, syndicate covering transactions and penalty bids appearing in the ninth paragraph under the caption “Underwriting.” |
| (c) | Actions against Parties; Notification. Promptly after receipt by an indemnified party under this Section of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under subsection (a) or (b) above, notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve it from any liability that it may have under subsection (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under subsection (a) or (b) or above. In case any such action is brought against any indemnified party and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party in such action), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party under this Section for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement (i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of any indemnified party. |
| (d) | Contribution. If the indemnification provided for in this Section is unavailable or insufficient to hold harmless an indemnified party under subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuers and the Guarantors on the one hand and the Underwriters on the other hand from the offering of the Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Issuers and the |
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| Guarantors on the one hand and the Underwriters on the other hand in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities as well as any other relevant equitable considerations. The relative benefits received by the Issuers and the Guarantors on the one hand and the Underwriters on the other hand shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Issuers bear to the total underwriting discounts and commissions received by the Underwriters. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuers and the Guarantors or the Underwriters and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Notes underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters’ obligations in this subsection (d) to contribute are several in proportion to their respective underwriting obligations and not joint. The Issuers, the Guarantors and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 8(d). |
| 9. | Default of Underwriters. If any Underwriter or Underwriters default in their obligations to purchase the Securities hereunder on the Closing Date and the aggregate principal amount of the Securities that such defaulting Underwriter or Underwriters agreed but failed to purchase does not exceed 10% of the total principal amount of the Securities that the Underwriters are obligated to purchase on the Closing Date, the Representatives may make arrangements satisfactory to the Issuers for the purchase of the Securities by other persons, including any of the Underwriters, but if no such arrangements are made by the Closing Date, the non-defaulting Underwriters shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Securities that such defaulting Underwriters agreed but failed to purchase on the Closing Date. If any Underwriter or Underwriters so default and the aggregate principal amount of the Securities with respect to which such default or defaults occur exceeds 10% of the total principal amount of the Securities that the Underwriters are obligated to purchase on the Closing Date and arrangements satisfactory to the Representatives and the Issuers for the purchase of the Securities by other persons are not made within 36 hours after such default, this Agreement will terminate without liability on the part of any non-defaulting Underwriter or the Issuers, except as provided in Section 10. As used in this Agreement, the term “Underwriter” includes any person substituted for an Underwriter under this Section. Nothing herein will relieve a defaulting Underwriter from liability for its default. |
| 10. | Survival of Certain Representations and Obligations. The respective indemnities, agreements, representations, warranties and other statements of the Issuers, the Guarantors or their officers and of the several Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation, or statement as to the results thereof, made by or on behalf of any Underwriter, the Issuers, the Guarantors or any of their respective representatives, officers or directors or any controlling person, and will survive delivery of and payment for the Securities. If the purchase of the Securities by the Underwriters is not consummated for any reason other than solely because of the termination of this Agreement pursuant to Sections 7(c)(iii), 7(c)(iv), 7(c)(vi), 7(c)(vii), 7(c)(viii) or 9 hereof, the Issuers and the Guarantors will reimburse the Underwriters for all out-of-pocket expenses reasonably incurred by them in connection with the offering of the Securities, and the respective obligations of the Issuers, the Guarantors and the Underwriters pursuant to Section 8 hereof shall remain in effect. In addition, if any Securities have been purchased hereunder, the representations and warranties in Section 2 and all obligations under Section 5 shall also remain in effect. |
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| 11. | Notices. All communications hereunder will be in writing and, if sent to the Underwriters, will be mailed, delivered or telegraphed and confirmed: |
| • | to the Representatives at: Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York 10013, Attention: General Counsel, fax: 646-291-1469; BofA Securities, Inc., One Bryant Park, New York, New York 10036, Attention: Capital Markets Legal, email: dg.capital_markets_legal@bofa.com; Morgan Stanley & Co. LLC, 1585 Broadway 29th Floor, New York, New York 10036, Attention: Investment Banking Division, fax: 212-507-8999; Wells Fargo Securities, LLC, 550 South Tryon Street 5th Floor, Charlotte, North Carolina 28202, Attention: Transaction Management, email: tmgcapitalmarkets@wellsfargo.com; and HSBC Securities (USA) Inc., 66 Hudson Boulevard, New York, New York 10001, Attention: DCM Legal Americas, email: dcmlegalamericas@us.hsbc.com; and |
| • | to the Issuers at Aon North America, Inc., 200 East Randolph Street, Chicago, Illinois 60601, Attention: General Counsel; |
provided, however, that any notice to an Underwriter pursuant to Section 8 will be mailed, delivered or telegraphed and confirmed to such Underwriter.
| 12. | Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and controlling persons referred to in Section 8, and no other person will have any right or obligation hereunder. |
| 13. | Representation of Underwriters. The Representatives will act for the several Underwriters in connection with this financing, and any action under this Agreement taken by the Representatives jointly will be binding upon all the Underwriters. |
| 14. | Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same Agreement. The words “execution,” “signed,” “signature,” and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement, if any, shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. |
| 15. | Headings. The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of this Agreement. |
| 16. | Absence of Fiduciary Relationship. The Issuers and the Guarantors acknowledge and agree that: |
| (a) | No Other Relationship. The Representatives have been retained solely to act as underwriters in connection with the sale of the Securities and that no fiduciary, advisory or agency relationship between the Issuers, on the one hand, and the Representatives, on the other, has been created in respect of any of the transactions contemplated by this Agreement or the Final Prospectus, irrespective of whether the Representatives have advised or are advising the Issuers or any of the Guarantors on other matters; |
| (b) | Arms’ Length Negotiations. The price of the Securities set forth in this Agreement was established by the Issuers and the Guarantors following discussions and arms’ length negotiations with the Representatives, and the Issuers and the Guarantors are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the transactions contemplated by this Agreement; |
| (c) | Absence of Obligation to Disclose. The Issuers and the Guarantors have been advised that the Representatives and their affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Issuers or any of the Guarantors and that the Representatives have no obligation to disclose such interests and transactions to the Issuers or any of the Guarantors by virtue of any fiduciary, advisory or agency relationship; and |
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| (d) | Waiver. The Issuers and the Guarantors waive, to the fullest extent permitted by law, any claims either of the Issuers or any of the Guarantors may have against the Representatives for breach of fiduciary duty or alleged breach of fiduciary duty and agree that the Representatives shall have no liability (whether direct or indirect) to the Issuers or any of the Guarantors in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Issuers, including members, stockholders, employees or creditors of the Issuers or any of the Guarantors. |
| 17. | Applicable Law. (a) This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to its conflicts of law principles. |
| (b) | Waiver of Jury Trial. Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding arising out of or relating to this Agreement. |
| (c) | Submission to Jurisdiction. The Issuers and the Guarantors hereby submit to the non-exclusive jurisdiction of the federal and state courts in the Borough of Manhattan in the City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The Issuers and the Guarantors irrevocably and unconditionally waive any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in federal and state courts in the Borough of Manhattan in the City of New York and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. The Co-Issuer, Aon plc and AGL hereby irrevocably appoint the Company with an office at 200 East Randolph Street, Chicago, Illinois 60601, Attention: General Counsel, as their agent to receive on behalf of the Co-Issuer, Aon plc and AGL service of any legal process which may be served in all such actions and proceedings. Such service may be made by mail or delivery of such process to the Co-Issuer, Aon plc and AGL in care of such agent at the agent’s address set forth above and the Co-Issuer, Aon plc and AGL hereby irrevocably authorize and direct such agent to accept such service on behalf of the Co-Issuer, Aon plc and AGL. |
| 18. | Recognition of the U.S. Special Resolution Regimes. |
| (a) | In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. |
| (b) | In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. |
“BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).
“Covered Entity” means any of the following:
| (i) | a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); |
| (ii) | a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or |
| (iii) | a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). |
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“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
| 19. | Compliance with USA PATRIOT Act. In accordance with the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Issuers, which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients. |
| 20. | UK Bail-in Liability. Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understanding among any Underwriter, the Issuers and the Guarantors, the Issuers and the Guarantors acknowledge and accept that a UK Bail-in Liability arising under this Agreement may be subject to the exercise of UK Bail-in Powers by the relevant UK resolution authority, and acknowledge, accept, and agree to be bound by: |
| (a) | the effect of the exercise of UK Bail-in Powers by the relevant UK resolution authority in relation to any UK Bail-in Liability of an Underwriter to the Issuers or the Guarantors under this Agreement, that (without limitation) may include and result in any of the following, or some combination thereof: |
| (i) | the reduction of all, or a portion, of the UK Bail-in Liability or outstanding amounts due thereon; |
| (ii) | the conversion of all, or a portion, of the UK Bail-in Liability into shares, other securities or other obligations of such Underwriter or another person, and the issue to or conferral on the Issuers and the Guarantors, as applicable, of such shares, securities or obligations; |
| (iii) | the cancellation of the UK Bail-in Liability; |
| (iv) | the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period; |
| (b) | the variation of the terms of this Agreement, as deemed necessary by the relevant UK resolution authority, to give effect to the exercise of UK Bail-in Powers by the relevant UK resolution authority. |
“UK Bail-in Legislation” means Part I of the UK Banking Act 2009 and any other law or regulation applicable in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).
“UK Bail-in Liability” means a liability in respect of which the UK Bail-in Powers may be exercised.
“UK Bail-in Powers” means the powers under the UK Bail-in Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability.
[Signature Pages Follow.]
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If the foregoing is in accordance with the Representatives’ understanding of our agreement, kindly sign and return to us your counterpart hereof, whereupon it will become a binding agreement among the Issuers, the Guarantors and the several Underwriters in accordance with its terms.
| Very truly yours, | ||||||
| AON NORTH AMERICA, INC. | ||||||
| By: | /s/ Robert Lee |
|||||
| Name: | Robert Lee | |||||
| Title: | Vice President | |||||
| AON GLOBAL HOLDINGS PLC | ||||||
| By: | /s/ Gardner Mugashu |
|||||
| Name: | Gardner Mugashu | |||||
| Title: | Director | |||||
| AON PLC | ||||||
| By: | /s/ John King |
|||||
| Name: | John King | |||||
| Title: | Global Treasurer | |||||
| AON CORPORATION | ||||||
| By: | /s/ Robert Lee |
|||||
| Name: | Robert Lee | |||||
| Title: | Vice President | |||||
| AON GLOBAL LIMITED | ||||||
| By: | /s/ Alistair Boyd |
|||||
| Name: | Alistair Boyd | |||||
| Title: | Director | |||||
[Signature Page to Underwriting Agreement]
The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
| Acting on behalf of itself and as a | ||||
| Representative of the several Underwriters
|
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| CITIGROUP GLOBAL MARKETS INC.
|
||||
| By: | /s/ Adam D. Bordner |
|||
| Name: | Adam D. Bordner | |||
| Title: | Managing Director | |||
[Signature Page to Underwriting Agreement]
The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
| Acting on behalf of itself and as a | ||||
| Representative of the several Underwriters
|
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| BOFA SECURITIES, INC.
|
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| By: | /s/ Randolph B. Randolph |
|||
| Name: | Randolph B. Randolph | |||
| Title: | Managing Director | |||
[Signature Page to Underwriting Agreement]
The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
| Acting on behalf of itself and as a | ||||
| Representative of the several Underwriters | ||||
| MORGAN STANLEY & CO. LLC | ||||
| By: | /s/ Howard Brocklehurst |
|||
| Name: | Howard Brocklehurst | |||
| Title: | Managing Director | |||
[Signature Page to Underwriting Agreement]
The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
| Acting on behalf of itself and as a | ||||
| Representative of the several Underwriters | ||||
| WELLS FARGO SECURITIES, LLC | ||||
| By: | /s/ Carolyn Hurley |
|||
| Name: | Carolyn Hurley | |||
| Title: | Managing Director | |||
[Signature Page to Underwriting Agreement]
The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
| Acting on behalf of itself and as a | ||||
| Representative of the several Underwriters | ||||
| HSBC SECURITIES (USA) INC. | ||||
| By: | /s/ Patrice Altongy |
|||
| Name: | Patrice Altongy | |||
| Title: | Managing Director | |||
[Signature Page to Underwriting Agreement]
EXHIBIT A
| Underwriter |
Principal Amount of the 2029 Notes |
Principal Amount of the 2031 Notes |
Principal Amount of the 2033 Notes |
Principal Amount of the 2036 Notes |
Principal Amount of the 2038 Notes |
Principal Amount of the 2046 Notes |
Principal Amount of the 2056 Notes |
|||||||||||||||||||||
| Citigroup Global Markets Inc. |
$ | 400,000,000 | $ | 600,000,000 | $ | 400,000,000 | $ | 550,000,000 | $ | 200,000,000 | $ | 150,000,000 | $ | 400,000,000 | ||||||||||||||
| BofA Securities, Inc. |
$ | 140,000,000 | $ | 210,000,000 | $ | 140,000,000 | $ | 192,500,000 | $ | 70,000,000 | $ | 52,500,000 | $ | 140,000,000 | ||||||||||||||
| Morgan Stanley & Co. LLC |
$ | 200,000,000 | $ | 300,000,000 | $ | 200,000,000 | $ | 275,000,000 | $ | 100,000,000 | $ | 75,000,000 | $ | 200,000,000 | ||||||||||||||
| Wells Fargo Securities, LLC |
$ | 200,000,000 | $ | 300,000,000 | $ | 200,000,000 | $ | 275,000,000 | $ | 100,000,000 | $ | 75,000,000 | $ | 200,000,000 | ||||||||||||||
| HSBC Securities (USA) Inc. |
$ | 140,000,000 | $ | 210,000,000 | $ | 140,000,000 | $ | 192,500,000 | $ | 70,000,000 | $ | 52,500,000 | $ | 140,000,000 | ||||||||||||||
| Barclays Capital Inc. |
$ | 100,000,000 | $ | 150,000,000 | $ | 100,000,000 | $ | 137,500,000 | $ | 50,000,000 | $ | 37,500,000 | $ | 100,000,000 | ||||||||||||||
| BMO Capital Markets Corp. |
$ | 100,000,000 | $ | 150,000,000 | $ | 100,000,000 | $ | 137,500,000 | $ | 50,000,000 | $ | 37,500,000 | $ | 100,000,000 | ||||||||||||||
| BNY Mellon Capital Markets, LLC |
$ | 100,000,000 | $ | 150,000,000 | $ | 100,000,000 | $ | 137,500,000 | $ | 50,000,000 | $ | 37,500,000 | $ | 100,000,000 | ||||||||||||||
| ING Financial Markets LLC |
$ | 100,000,000 | $ | 150,000,000 | $ | 100,000,000 | $ | 137,500,000 | $ | 50,000,000 | $ | 37,500,000 | $ | 100,000,000 | ||||||||||||||
| J.P. Morgan Securities LLC |
$ | 100,000,000 | $ | 150,000,000 | $ | 100,000,000 | $ | 137,500,000 | $ | 50,000,000 | $ | 37,500,000 | $ | 100,000,000 | ||||||||||||||
| U.S. Bancorp Investments, Inc. |
$ | 100,000,000 | $ | 150,000,000 | $ | 100,000,000 | $ | 137,500,000 | $ | 50,000,000 | $ | 37,500,000 | $ | 100,000,000 | ||||||||||||||
| ANZ Securities, Inc. |
$ | 40,000,000 | $ | 60,000,000 | $ | 40,000,000 | $ | 55,000,000 | $ | 20,000,000 | $ | 15,000,000 | $ | 40,000,000 | ||||||||||||||
| Deutsche Bank Securities Inc. |
$ | 40,000,000 | $ | 60,000,000 | $ | 40,000,000 | $ | 55,000,000 | $ | 20,000,000 | $ | 15,000,000 | $ | 40,000,000 | ||||||||||||||
| Goldman Sachs & Co. LLC |
$ | 40,000,000 | $ | 60,000,000 | $ | 40,000,000 | $ | 55,000,000 | $ | 20,000,000 | $ | 15,000,000 | $ | 40,000,000 | ||||||||||||||
| PNC Capital Markets LLC |
$ | 40,000,000 | $ | 60,000,000 | $ | 40,000,000 | $ | 55,000,000 | $ | 20,000,000 | $ | 15,000,000 | $ | 40,000,000 | ||||||||||||||
| Standard Chartered Bank |
$ | 40,000,000 | $ | 60,000,000 | $ | 40,000,000 | $ | 55,000,000 | $ | 20,000,000 | $ | 15,000,000 | $ | 40,000,000 | ||||||||||||||
| R. Seelaus & Co., LLC |
$ | 20,000,000 | $ | 30,000,000 | $ | 20,000,000 | $ | 27,500,000 | $ | 10,000,000 | $ | 7,500,000 | $ | 20,000,000 | ||||||||||||||
| Siebert Williams Shank & Co., LLC |
$ | 20,000,000 | $ | 30,000,000 | $ | 20,000,000 | $ | 27,500,000 | $ | 10,000,000 | $ | 7,500,000 | $ | 20,000,000 | ||||||||||||||
| Aon Securities LLC |
$ | 20,000,000 | $ | 30,000,000 | $ | 20,000,000 | $ | 27,500,000 | $ | 10,000,000 | $ | 7,500,000 | $ | 20,000,000 | ||||||||||||||
| Loop Capital Markets LLC |
$ | 20,000,000 | $ | 30,000,000 | $ | 20,000,000 | $ | 27,500,000 | $ | 10,000,000 | $ | 7,500,000 | $ | 20,000,000 | ||||||||||||||
| Scotia Capital (USA) Inc. |
$ | 20,000,000 | $ | 30,000,000 | $ | 20,000,000 | $ | 27,500,000 | $ | 10,000,000 | $ | 7,500,000 | $ | 20,000,000 | ||||||||||||||
| UniCredit Capital Markets LLC |
$ | 20,000,000 | $ | 30,000,000 | $ | 20,000,000 | $ | 27,500,000 | $ | 10,000,000 | $ | 7,500,000 | $ | 20,000,000 | ||||||||||||||
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| Total: |
$ | 2,000,000,000 | $ | 3,000,000,000 | $ | 2,000,000,000 | $ | 2,750,000,000 | $ | 1,000,000,000 | $ | 750,000,000 | $ | 2,000,000,000 | ||||||||||||||
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Exhibit A-1
EXHIBIT B
| 1. | General Use Free Writing Prospectus (included in the General Disclosure Package) |
“General Use Issuer Free Writing Prospectus” means:
The pricing term sheet, dated September 14, 2026, a copy of which is attached hereto as Annex B-1.
| 2. | Other Information Included in the General Disclosure Package |
The following information is also included in the General Disclosure Package:
None.
Exhibit B-1
ANNEX B-1
Aon North America, Inc. and Aon Global Holdings plc
$2,000,000,000 5.350% SENIOR NOTES DUE 2029 (the “2029 Notes”)
$3,000,000,000 5.625% SENIOR NOTES DUE 2031 (the “2031 Notes”)
$2,000,000,000 5.800% SENIOR NOTES DUE 2033 (the “2033 Notes”)
$2,750,000,000 5.950% SENIOR NOTES DUE 2036 (the “2036 Notes”)
$1,000,000,000 6.100% SENIOR NOTES DUE 2038 (the “2038 Notes”)
$750,000,000 6.450% SENIOR NOTES DUE 2046 (the “2046 Notes”)
$2,000,000,000 6.450% SENIOR NOTES DUE 2056 (the “2056 Notes”)
(together, the “Notes”)
PRICING TERM SHEET
Terms Applicable to the Notes
| Issuers: | Aon North America, Inc. (“ANA”) and Aon Global Holdings plc (“AGH”) | |
| Guarantors: | Aon plc, Aon Corporation and Aon Global Limited | |
| Offering Format: | SEC Registered | |
| Expected Ratings*: | Moody’s Investors Service: *** Standard & Poor’s: *** Fitch: *** |
|
| Ranking: | Senior Unsecured | |
| Trade Date: | September 14, 2026 | |
| Settlement Date (T+3)**: | September 17, 2026 | |
| Denominations: | $2,000 and multiples of $1,000 | |
Exhibit B-1-1
| Joint Book-Running Managers: | Citigroup Global Markets Inc. BofA Securities, Inc. |
|
| Morgan Stanley & Co. LLC Wells Fargo Securities, LLC HSBC Securities (USA) Inc. |
||
| Barclays Capital Inc. BMO Capital Markets Corp. BNY Mellon Capital Markets, LLC ING Financial Markets LLC J.P. Morgan Securities LLC U.S. Bancorp Investments, Inc. |
||
| Senior Co-Managers: | ANZ Securities, Inc. Deutsche Bank Securities Inc. Goldman Sachs & Co. LLC PNC Capital Markets LLC Standard Chartered Bank R. Seelaus & Co., LLC Siebert Williams Shank & Co., LLC |
|
| Co-Managers: | Aon Securities LLC Loop Capital Markets LLC Scotia Capital (USA) Inc. UniCredit Capital Markets LLC |
|
| Principal Amount: | $2,000,000,000 for the 2029 Notes $3,000,000,000 for the 2031 Notes $2,000,000,000 for the 2033 Notes $2,750,000,000 for the 2036 Notes $1,000,000,000 for the 2038 Notes $750,000,000 for the 2046 Notes $2,000,000,000 for the 2056 Notes |
|
| Maturity Date: | September 17, 2029 for the 2029 Notes September 17, 2031 for the 2031 Notes September 17, 2033 for the 2033 Notes September 17, 2036 for the 2036 Notes September 17, 2038 for the 2038 Notes September 17, 2046 for the 2046 Notes September 17, 2056 for the 2056 Notes |
|
Exhibit B-1-2
| Reference Treasury: | UST 4.375% due September 15, 2029 for the 2029 Notes UST 4.375% due August 31, 2031 for the 2031 Notes UST 4.500% due August 31, 2033 for the 2033 Notes UST 4.625% due August 15, 2036 for the 2036 Notes UST 4.625% due August 15, 2036 for the 2038 Notes UST 5.125% due August 15, 2046 for the 2046 Notes UST 5.000% due May 15, 2056 for the 2056 Notes |
|
| Reference Treasury Price and Yield: | 98-31 3⁄4; 4.739% for the 2029 Notes 98-04+; 4.800% for the 2031 Notes 97-25+; 4.877% for the 2033 Notes 97-12; 4.963% for the 2036 Notes 97-12; 4.963% for the 2038 Notes 97-00; 5.372% for the 2046 Notes 95-06; 5.324% for the 2056 Notes |
|
| Reoffer Spread to Reference Treasury: | +63 bps for the 2029 Notes +83 bps for the 2031 Notes +93 bps for the 2033 Notes +103 bps for the 2036 Notes +115 bps for the 2038 Notes +108 bps for the 2046 Notes +115 bps for the 2056 Notes |
|
| Re-offer Yield: | 5.369% for the 2029 Notes 5.630% for the 2031 Notes 5.807% for the 2033 Notes 5.993% for the 2036 Notes 6.113% for the 2038 Notes 6.452% for the 2046 Notes 6.474% for the 2056 Notes |
|
| Coupon: | 5.350% for the 2029 Notes 5.625% for the 2031 Notes 5.800% for the 2033 Notes 5.950% for the 2036 Notes 6.100% for the 2038 Notes 6.450% for the 2046 Notes 6.450% for the 2056 Notes |
|
| Interest Payment Dates: | Semi-annually in arrears on March 17 and September 17, beginning on March 17, 2027 for the 2029 Notes Semi-annually in arrears on March 17 and September 17, beginning on March 17, 2027 for the 2031 Notes Semi-annually in arrears on March 17 and September 17, beginning on March 17, 2027 for the 2033 Notes Semi-annually in arrears on March 17 and September 17, beginning on March 17, 2027 for the 2036 Notes Semi-annually in arrears on March 17 and September 17, beginning on March 17, 2027 for the 2038 Notes Semi-annually in arrears on March 17 and September 17, beginning on March 17, 2027 for the 2046 Notes Semi-annually in arrears on March 17 and September 17, beginning on March 17, 2027 for the 2056 Notes |
|
Exhibit B-1-3
| Price to Public: | 99.948% of the principal amount for the 2029 Notes 99.978% of the principal amount for the 2031 Notes 99.960% of the principal amount for the 2033 Notes 99.680% of the principal amount for the 2036 Notes 99.891% of the principal amount for the 2038 Notes 99.978% of the principal amount for the 2046 Notes 99.684% of the principal amount for the 2056 Notes |
|
| Gross Proceeds to Issuers (before deducting offering expenses and underwriting discounts): | $1,998,960,000 for the 2029 Notes $2,999,340,000 for the 2031 Notes $1,999,200,000 for the 2033 Notes $2,741,200,000 for the 2036 Notes $998,910,000 for the 2038 Notes $749,835,000 for the 2046 Notes $1,993,680,000 for the 2056 Notes |
|
| Net Proceeds Allocations: | 2029 Notes: 66.00% ANA / 34.00% AGH 2031 Notes: 66.00% ANA / 34.00% AGH 2033 Notes: 66.00% ANA / 34.00% AGH 2036 Notes: 66.00% ANA / 34.00% AGH 2038 Notes: 66.00% ANA / 34.00% AGH 2046 Notes: 66.00% ANA / 34.00% AGH 2056 Notes: 100.00% ANA / 0.00% AGH |
|
| CUSIP / ISIN: | 036940 AA2 / US036940AA21 for the 2029 Notes 036940 AB0 / US036940AB04 for the 2031 Notes 036940 AC8 / US036940AC86 for the 2033 Notes 036940 AD6 / US036940AD69 for the 2036 Notes 036940 AE4 / US036940AE43 for the 2038 Notes 036940 AF1 / US036940AF18 for the 2046 Notes 036940 AG9 / US036940AG90 for the 2056 Notes |
|
| Optional Redemption: | Prior to August 17, 2029 (one month prior to the 2029 Notes maturity date) (the “2029 Par Call Date”), prior to August 17, 2031 (one month prior to the 2031 Notes maturity date) (the “2031 Par Call Date”), prior to July 17, 2033 (two months prior to the 2033 Notes maturity date) (the “2033 Par Call Date”), prior to June 17, 2036 (three months prior to the 2036 Notes maturity date) (the “2036 Par Call Date”), prior to June 17, 2038 (three months prior to the 2038 Notes maturity date) (the “2038 Par Call Date”), prior to March 17, 2046 (six months prior to the 2046 Notes maturity date) (the “2046 Par Call Date”), and prior to March 17, 2056 (six months prior to the 2056 Notes maturity date) (the “2056 Par Call Date” and each of the 2029 Par Call Date, the 2031 Par Call Date, the 2033 Par Call Date, the 2036 Par Call Date, 2038 Par Call Date and 2046 Par Call Date, a “Par Call Date”), the Issuers may redeem the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 | |
Exhibit B-1-4
| Notes, the 2038 Notes, the 2046 Notes and/or the 2056 Notes, at their option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal places) equal to the greater of:
(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes of such series being redeemed discounted to the redemption date (assuming the Notes of such series being redeemed matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined under “Description of the Securities—Optional Redemption”), plus 10 basis points (0.100%), in the case of the 2029 Notes, plus 15 basis points (0.150%), in the case of the 2031 Notes, plus 15 basis points (0.150%), in the case of the 2033 Notes, plus 20 basis points (0.200%), in the case of the 2036 Notes, plus 20 basis points (0.200%), in the case of the 2038 Notes, plus 20 basis points (0.200%), in the case of the 2046 Notes, and plus 20 basis points (0.200%), in the case of the 2056 Notes, less (b) accrued and unpaid interest to the date of redemption, and
(2) 100% of the principal amount of the Notes of such series being redeemed,
plus, in each case, accrued and unpaid interest on the principal amount of the Notes of such series being redeemed to the redemption date.
On or after the applicable Par Call Date, the Issuers may redeem the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2038 Notes, the 2046 Notes, and the 2056 Notes, at their option, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes of such series being redeemed plus accrued and unpaid interest thereon to the redemption date.
See “Description of the Securities—Optional Redemption” and “Description of the Securities—Optional Tax Redemption” in the preliminary prospectus supplement for more information. |
||
| Special Mandatory Redemption (applicable only to the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2038 Notes, and the 2046 Notes): | Under certain conditions described in the preliminary prospectus supplement, the issuers will be required to redeem all of the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2038 Notes, and the 2046 Notes at a redemption price equal to 101% of the aggregate principal amount of such Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. | |
| Conflicts of Interest: | Aon Securities LLC is an indirect, wholly owned subsidiary of Aon North America, Inc. This offering is subject to, and will be conducted in compliance with, the requirements of Rule 5121 of the Financial Industry Regulatory Authority, Inc. (“FINRA”) regarding a FINRA member firm distributing the securities of an affiliate. | |
Exhibit B-1-5
*Note: An explanation of the significance of ratings may be obtained from the rating agencies. Generally, rating agencies base their ratings on such material and information, and such of their own investigations, studies and assumptions, as they deem appropriate. The rating of the Notes should be evaluated independently from similar ratings of other securities. A credit rating of a security is not a recommendation to buy, sell or hold securities and may be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency.
**Note: The information in this Pricing Term Sheet supplements the Preliminary Prospectus Supplement and supersedes the information in the Preliminary Prospectus Supplement to the extent inconsistent with the information in the Preliminary Prospectus Supplement. The T+3 settlement cycle specified in this Pricing Term Sheet supersedes the extended settlement language included in the Preliminary Prospectus Supplement.
The issuers and the guarantors have filed a registration statement, including a prospectus, with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuers and the guarantors have filed with the SEC for more complete information about the issuers, the guarantors and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Joint Book-Running Managers in the offering will arrange to send you the prospectus if you request it by contacting Citigroup Global Markets Inc. at 1-800-831-9146, BofA Securities, Inc. at 1-800-294-1322, HSBC Securities (USA) Inc. at 1-866-811-8049, Morgan Stanley & Co. LLC at prospectus@morganstanley.com or Wells Fargo Securities, LLC at 1-800-645-3751.
Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded (other than any statement relating to the identity of the legal entity authorizing or sending this communication in a non-U.S. jurisdiction). Such disclaimers or other notices were automatically generated as a result of this communication having been sent via Bloomberg or another e-mail system.
Exhibit B-1-6
EXHIBIT C
Significant Subsidiaries
| Significant subsidiary: | Jurisdiction of incorporation: | |
| Aon Global Holdings plc | United Kingdom | |
| Aon Corporation | Delaware | |
| Aon Global Limited | United Kingdom | |
| Randolph Finance Unlimited Company | Ireland | |
| Aon Group, Inc. | Maryland | |
| Aon Group International N.V. | Netherlands | |
| Aon Holdings International B.V. | Netherlands | |
| Aon Holdings B.V. | Netherlands | |
| Aon UK Group Limited | United Kingdom | |
| Aon UK Holdings Intermediaries Limited | United Kingdom | |
| Aon UK Holdings Limited | United Kingdom | |
| Aon UK Limited | United Kingdom | |
| Aon Risk Services Companies, Inc. | Maryland | |
| Aon Risk Services, Inc. of Maryland | Maryland | |
| Aon North America, Inc. | Delaware | |
| Aon Global Holdings Intermediaries Limited | United Kingdom | |
| Randolph Acquisition Corp. | Delaware | |
| NFP Intermediate Holdings B Corp. | Delaware | |
| NFP Corp. | Delaware | |
Exhibit C-1
Exhibit 4.2
AON NORTH AMERICA, INC.
AON GLOBAL HOLDINGS PLC
SECOND INDENTURE SUPPLEMENT
DATED AS OF SEPTEMBER 17, 2026
TO
THE INDENTURE
DATED AS OF MARCH 1, 2024
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
TRUSTEE
DEBT SECURITIES
THIS SECOND INDENTURE SUPPLEMENT (the “Second Indenture Supplement”), is dated as of September 17, 2026, among Aon North America, Inc., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter sometimes called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), Aon Global Holdings plc, a public limited company duly organized and existing under the laws of England and Wales (hereinafter sometimes called “AGH” or the “Co-Issuer,” which term includes any successor Person under the Indenture hereinafter referred to, and, together with the Company, the “Issuers”), Aon plc, a public limited company duly organized and existing under the laws of Ireland (hereinafter sometimes called “Aon plc”), Aon Corporation, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter sometimes called “Aon Corporation”), Aon Global Limited, a private limited company duly organized and existing under the laws of England and Wales (hereinafter sometimes called “AGL” and, together with Aon plc and Aon Corporation, the “Guarantors” and each, a “Guarantor”), and The Bank of New York Mellon Trust Company, N.A., a national banking association duly incorporated and existing under the laws of the United States of America (hereinafter sometimes called the “Trustee”, which term shall include any successor trustee appointed pursuant to Article Seven of the Base Indenture (as defined below)), and is a supplemental indenture supplementing the Base Indenture.
WITNESSETH:
WHEREAS, the Company, AGH, the Guarantors and the Trustee executed and delivered an indenture, dated as of March 1, 2024 (the “Base Indenture” and, together with this Second Indenture Supplement, the “Indenture”), to provide for the issuance from time to time for their lawful purposes debt securities (hereinafter called “Securities” or, in the singular, a “Security”) evidencing their unsecured indebtedness.
WHEREAS, Section 10.01 of the Base Indenture provides that a supplemental indenture may be entered into by the Issuers, Aon plc, Aon Corporation and AGL when authorized by or pursuant to a Board Resolution, and the Trustee without the consent of any Holders to make provisions to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 2.03 of the Base Indenture.
WHEREAS, solely with respect to the application of such provisions to the Notes, the Issuers and the Guarantors desire to (i) effect that the Company and AGH co-issue the Notes, which are joint and several obligations of each Issuer, (ii) effect such guarantees by each of Aon plc, Aon Corporation and AGL, (iii) establish the form and terms of the Notes without the consent of any Holders as permitted by Sections 2.01 and 2.03 of the Base Indenture and (iv) execute a supplemental indenture to the Base Indenture pursuant to Section 10.01 thereof to effect the foregoing.
WHEREAS, each of the Company, AGH, Aon plc, Aon Corporation and AGL represents that all acts and things necessary to make this Second Indenture Supplement a valid and binding supplemental indenture have been done and performed, and the execution of this Second Indenture Supplement as a supplemental indenture to the Base Indenture by each of the Company, AGH, Aon plc, Aon Corporation and AGL has in all respects been duly authorized, and each of the Company, AGH, Aon plc, Aon Corporation and AGL, in the exercise of legal rights and power in it vested, is executing this Second Indenture Supplement.
1
NOW, THEREFORE, for and in consideration of the foregoing premises, the Issuers, the Guarantors and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Notes as follows:
ARTICLE I
Defined Terms
Section 1.01. Defined Terms . Except as otherwise expressly provided in this Second Indenture Supplement or in the respective form of Note attached as Exhibit A hereto or otherwise clearly required by the context hereof or thereof, all capitalized terms used and not defined in this Second Indenture Supplement that are defined in the Base Indenture shall have the meanings assigned to them in the Base Indenture. For all purposes of this Second Indenture Supplement only:
“2029 Notes” means a new series of Securities to be co-issued by the Company and AGH to be known as $2,000,000,000 aggregate principal amount of 5.350% senior notes due 2029. For purposes of the Indenture, the 2029 Notes shall constitute a single series of Securities under the Indenture and shall vote together to the extent so provided therein. For all purposes of this Second Indenture Supplement, the term “2029 Notes” shall include the 2029 Notes initially issued on the Closing Date and any other 2029 Notes issued after the Closing Date.
“2031 Notes” means a new series of Securities to be co-issued by the Company and AGH to be known as $3,000,000,000 aggregate principal amount of 5.625% senior notes due 2031. For purposes of the Indenture, the 2031 Notes shall constitute a single series of Securities under the Indenture and shall vote together to the extent so provided therein. For all purposes of this Second Indenture Supplement, the term “2031 Notes” shall include the 2031 Notes initially issued on the Closing Date and any other 2031 Notes issued after the Closing Date.
“2033 Notes” means a new series of Securities to be co-issued by the Company and AGH to be known as $2,000,000,000 aggregate principal amount of 5.800% senior notes due 2033. For purposes of the Indenture, the 2033 Notes shall constitute a single series of Securities under the Indenture and shall vote together to the extent so provided therein. For all purposes of this Second Indenture Supplement, the term “2033 Notes” shall include the 2033 Notes initially issued on the Closing Date and any other 2033 Notes issued after the Closing Date.
“2036 Notes” means a new series of Securities to be co-issued by the Company and AGH to be known as $2,750,000,000 aggregate principal amount of 5.950% senior notes due 2036. For purposes of the Indenture, the 2036 Notes shall constitute a single series of Securities under the Indenture and shall vote together to the extent so provided therein. For all purposes of this Second Indenture Supplement, the term “2036 Notes” shall include the 2036 Notes initially issued on the Closing Date and any other 2036 Notes issued after the Closing Date.
“2038 Notes” means a new series of Securities to be co-issued by the Company and AGH to be known as $1,000,000,000 aggregate principal amount of 6.100% senior notes due 2038.
2
For purposes of the Indenture, the 2038 Notes shall constitute a single series of Securities under the Indenture and shall vote together to the extent so provided therein. For all purposes of this Second Indenture Supplement, the term “2038 Notes” shall include the 2038 Notes initially issued on the Closing Date and any other 2038 Notes issued after the Closing Date.
“2046 Notes” means a new series of Securities to be co-issued by the Company and AGH to be known as $750,000,000 aggregate principal amount of 6.450% senior notes due 2046. For purposes of the Indenture, the 2046 Notes shall constitute a single series of Securities under the Indenture and shall vote together to the extent so provided therein. For all purposes of this Second Indenture Supplement, the term “2046 Notes” shall include the 2046 Notes initially issued on the Closing Date and any other 2046 Notes issued after the Closing Date.
“2056 Notes” means a new series of Securities to be co-issued by the Company and AGH to be known as $2,000,000,000 aggregate principal amount of 6.450% senior notes due 2056. For purposes of the Indenture, the 2056 Notes shall constitute a single series of Securities under the Indenture and shall vote together to the extent so provided therein. For all purposes of this Second Indenture Supplement, the term “2056 Notes” shall include the 2056 Notes initially issued on the Closing Date and any other 2056 Notes issued after the Closing Date.
“Base Indenture” has the meaning set forth in the recitals hereof.
“Closing Date” means September 17, 2026.
“Global Securities Legend” means the legend set forth on the form of Note attached as Exhibit A hereto.
“Guarantors” has the meaning set forth in the recitals hereof.
“Indenture” has the meaning set forth in the recitals hereof.
“Interest Payment Date” means, as applicable, (i) a 2029 Notes Interest Payment Date, (ii) a 2031 Notes Interest Payment Date, (iii) a 2033 Notes Interest Payment Date, (iv) a 2036 Notes Interest Payment Date, (v) a 2038 Notes Interest Payment Date, (vi) a 2046 Notes Interest Payment Date and (vii) a 2056 Notes Interest Payment Date (in each case, as defined in Section 2.02(d)).
“Merger Agreement” means the agreement and plan of merger, dated as of August 30, 2026, by and among Aon plc, the Company, Merger Sub, USI, and Uno Aggregator II L.P., a Delaware limited partnership.
“Merger Sub” means Cortlandt Acquisition Corp., a Delaware corporation and an indirect, wholly owned subsidiary of Aon plc.
“USI” means USI Advantage Corp., a Delaware corporation.
“USI Acquisition” means the acquisition by the Company of the issued and outstanding equity interests of USI pursuant to the Merger Agreement.
3
“USI Acquisition Notes” means, collectively, the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2038 Notes and the 2046 Notes.
“Notes” means, collectively, the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2038 Notes, the 2046 Notes and the 2056 Notes, in each case co-issued by the Company and AGH and substantially in the form attached hereto as Exhibit A, fully and unconditionally guaranteed as to payment of principal and interest by Aon plc, Aon Corporation and AGL, each designated in Section 2.01 hereof and authenticated and delivered under the Indenture.
“Par Call Date” means (i) August 17, 2029 (the date that is one month prior to the Stated Maturity for the 2029 Notes) for the 2029 Notes, (ii) August 17, 2031 (the date that is one month prior to the Stated Maturity for the 2031 Notes) for the 2031 Notes, (iii) July 17, 2033 (the date that is two months prior to the Stated Maturity for the 2033 Notes) for the 2033 Notes, (iv) June 17, 2036 (the date that is three months prior to the Stated Maturity for the 2036 Notes) for the 2036 Notes, (v) June 17, 2038 (the date that is three months prior to the Stated Maturity for the 2038 Notes) for the 2038 Notes, (vi) March 17, 2046 (the date that is six months prior to the Stated Maturity for the 2046 Notes) for the 2046 Notes and (vii) March 17, 2056 (the date that is six months prior to the Stated Maturity for the 2056 Notes) for the 2056 Notes.
“Regular Record Date” means, as applicable, (i) a 2029 Regular Record Date, (ii) a 2031 Regular Record Date, (iii) a 2033 Regular Record Date, (iv) a 2036 Regular Record Date, (v) a 2038 Regular Record Date, (vi) a 2046 Regular Record Date and (vii) a 2056 Regular Record Date (in each case, as defined in Section 2.02(d)).
“Stated Maturity” has the meaning set forth in Section 2.02 hereof.
“Treasury Rate” means, with respect to any redemption date, the yield determined by the Issuers in accordance with the following two paragraphs:
The Treasury Rate shall be determined by the Issuers after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuers shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the applicable Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the applicable Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.
4
If on the third business day preceding the redemption date H.15 is no longer published, the Issuers shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the applicable Par Call Date, as applicable. If there is no United States Treasury security maturing on the applicable Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the applicable Par Call Date and one with a maturity date following the applicable Par Call Date, the Issuers shall select the United States Treasury security with a maturity date preceding the applicable Par Call Date. If there are two or more United States Treasury securities maturing on the applicable Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuers shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. The Trustee shall have no responsibility to calculate, or to verify the Issuers’ calculation, of any redemption price.
“Trustee” has the meaning set forth in the preamble hereof.
The parties hereto acknowledge that certain terms are defined in both the Base Indenture and in this Second Indenture Supplement. The parties hereto hereby agree that, unless otherwise expressly stated or the context otherwise requires, any term which is defined in either the Base Indenture or this Second Indenture Supplement, when used with respect to or in the respective certificates evidencing the Notes, shall have the meaning set forth in this Second Indenture Supplement.
ARTICLE II
Terms of the Notes
Section 2.01. Establishment of the Notes .
(a) There is hereby authorized and established (i) a series of Securities designated the 5.350% senior notes due 2029, limited in aggregate principal amount to $2,000,000,000, (ii) a series of Securities designated the 5.625% senior notes due 2031, limited in aggregate principal amount to $3,000,000,000, (iii) a series of Securities designated the 5.800% senior notes due 2033, limited in aggregate principal amount to $2,000,000,000, (iv) a series of Securities designated the 5.950% senior notes due 2036, limited in aggregate principal
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amount to $2,750,000,000, (v) a series of Securities designated the 6.100% senior notes due 2038, limited in aggregate principal amount to $1,000,000,000, (vi) a series of Securities designated the 6.450% senior notes due 2046, limited in aggregate principal amount to $750,000,000 and (vii) a series of Securities designated the 6.450% senior notes due 2056, limited in aggregate principal amount to $2,000,000,000 (provided that the foregoing limitations on the aggregate principal amount of Notes of each series shall not apply to Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of such series pursuant to Sections 2.05, 2.06, 2.07, 3.03, 6.01 or 10.04 of the Indenture); provided that the Issuers may, from time to time, without notice to or consent of Holders or beneficial owners of the Outstanding Notes of any series, increase the aggregate principal amount of Outstanding Notes of any series pursuant to Section 2.01 of the Indenture in compliance with the procedures set forth in the Indenture, including Sections 2.03 and 2.04 thereof, by issuing Additional Securities having the same ranking, interest rate, maturity and other terms (except for the issue date, public offering price and, in some cases, the first Interest Payment Date and the date from which interest shall begin to accrue) as the Notes of such series then Outstanding; provided, further, that any such Additional Securities will constitute part of the same series as the Notes of such series issued on the Closing Date; and provided, further, that if such Additional Securities are not fungible for U.S. federal income tax purposes with the Notes of such series issued on the Closing Date, then such Additional Securities will have a separate CUSIP number.
(b) The form and terms of each series of Notes have been established pursuant to authority duly granted by the Board Resolutions of the Company and AGH, adopted on August 30, 2026 and September 11, 2026, respectively (together, the “Board Resolutions”), in accordance with Section 2.03 of the Indenture, and the Corporate Secretaries of the Company and AGH have certified that the Board Resolutions have been duly adopted by the applicable board of directors and are in full force and effect on the date of such certification.
Section 2.02. Terms of the Notes . The following terms relate to the applicable series of Notes:
(a) The 2029 Notes hereby established are a series of Securities having the title “5.350% senior notes due 2029 with full and unconditional guarantees as to payment of principal and interest by Aon plc, Aon Corporation and Aon Global Limited,” the terms and provisions of which are as provided for in Section 2.01 of the Indenture with the further terms and provisions as set forth in the form of the Notes attached hereto as Exhibit A. The 2031 Notes hereby established are a series of Securities having the title “5.625% senior notes due 2031 with full and unconditional guarantees as to payment of principal and interest by Aon plc, Aon Corporation and Aon Global Limited,” the terms and provisions of which are as provided for in Section 2.01 of the Indenture with the further terms and provisions as set forth in the form of the Notes attached hereto as Exhibit A. The 2033 Notes hereby established are a series of Securities having the title “5.800% senior notes due 2033 with full and unconditional guarantees as to payment of principal and interest by Aon plc, Aon Corporation and Aon Global Limited,” the terms and provisions of which are as provided for in Section 2.01 of the Indenture with the further terms and provisions as set forth in the form of the Notes attached hereto as Exhibit A. The 2036 Notes hereby established are a series of Securities having the title “5.950% senior notes due 2036 with full and unconditional guarantees as to payment of principal and interest by Aon plc, Aon Corporation and Aon Global Limited,” the terms and provisions of which are as
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provided for in Section 2.01 of the Indenture with the further terms and provisions as set forth in the form of the Notes attached hereto as Exhibit A. The 2038 Notes hereby established are a series of Securities having the title “6.100% senior notes due 2038 with full and unconditional guarantees as to payment of principal and interest by Aon plc, Aon Corporation and Aon Global Limited,” the terms and provisions of which are as provided for in Section 2.01 of the Indenture with the further terms and provisions as set forth in the form of the Notes attached hereto as Exhibit A. The 2046 Notes hereby established are a series of Securities having the title “6.450% senior notes due 2046 with full and unconditional guarantees as to payment of principal and interest by Aon plc, Aon Corporation and Aon Global Limited,” the terms and provisions of which are as provided for in Section 2.01 of the Indenture with the further terms and provisions as set forth in the form of the Notes attached hereto as Exhibit A. The 2056 Notes hereby established are a series of Securities having the title “6.450% senior notes due 2056 with full and unconditional guarantees as to payment of principal and interest by Aon plc, Aon Corporation and Aon Global Limited,” the terms and provisions of which are as provided for in Section 2.01 of the Indenture with the further terms and provisions as set forth in the form of the Notes attached hereto as Exhibit A.
(b) The initial aggregate principal amount of the 2029 Notes that may be issued, authenticated and delivered under the Indenture (except for 2029 Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2029 Notes pursuant to Sections 2.05, 2.06, 2.07, 3.03, 6.01 or 10.04 of the Indenture or 2029 Notes authenticated and delivered as Additional Securities pursuant to Section 2.01 of the Base Indenture and Section 2.01 of this Second Indenture Supplement) is $2,000,000,000. The initial aggregate principal amount of the 2031 Notes that may be issued, authenticated and delivered under the Indenture (except for 2031 Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2031 Notes pursuant to Sections 2.05, 2.06, 2.07, 3.03, 6.01 or 10.04 of the Indenture or 2031 Notes authenticated and delivered as Additional Securities pursuant to Section 2.01 of the Base Indenture and Section 2.01 of this Second Indenture Supplement) is $3,000,000,000. The initial aggregate principal amount of the 2033 Notes that may be issued, authenticated and delivered under the Indenture (except for 2033 Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2033 Notes pursuant to Sections 2.05, 2.06, 2.07, 3.03, 6.01 or 10.04 of the Indenture or 2033 Notes authenticated and delivered as Additional Securities pursuant to Section 2.01 of the Base Indenture and Section 2.01 of this Second Indenture Supplement) is $2,000,000,000. The initial aggregate principal amount of the 2036 Notes that may be issued, authenticated and delivered under the Indenture (except for 2036 Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2036 Notes pursuant to Sections 2.05, 2.06, 2.07, 3.03, 6.01 or 10.04 of the Indenture or 2036 Notes authenticated and delivered as Additional Securities pursuant to Section 2.01 of the Base Indenture and Section 2.01 of this Second Indenture Supplement) is $2,750,000,000. The initial aggregate principal amount of the 2038 Notes that may be issued, authenticated and delivered under the Indenture (except for 2038 Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2038 Notes pursuant to Sections 2.05, 2.06, 2.07, 3.03, 6.01 or 10.04 of the Indenture or 2038 Notes authenticated and delivered as Additional Securities pursuant to Section 2.01 of the Base Indenture and Section 2.01 of this Second Indenture Supplement) is $1,000,000,000. The initial aggregate principal amount of the 2046 Notes that may be issued, authenticated and delivered under the Indenture (except for 2046 Notes
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authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2046 Notes pursuant to Sections 2.05, 2.06, 2.07, 3.03, 6.01 or 10.04 of the Indenture or 2046 Notes authenticated and delivered as Additional Securities pursuant to Section 2.01 of the Base Indenture and Section 2.01 of this Second Indenture Supplement) is $750,000,000. The initial aggregate principal amount of the 2056 Notes that may be issued, authenticated and delivered under the Indenture (except for 2056 Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2056 Notes pursuant to Sections 2.05, 2.06, 2.07, 3.03, 6.01 or 10.04 of the Indenture or 2056 Notes authenticated and delivered as Additional Securities pursuant to Section 2.01 of the Base Indenture and Section 2.01 of this Second Indenture Supplement) is $2,000,000,000.
(c) The Stated Maturity on which the principal of the 2029 Notes shall be due and payable (unless earlier redeemed) shall be September 17, 2029. The Stated Maturity on which the principal of the 2031 Notes shall be due and payable (unless earlier redeemed) shall be September 17, 2031. The Stated Maturity on which the principal of the 2033 Notes shall be due and payable (unless earlier redeemed) shall be September 17, 2033. The Stated Maturity on which the principal of the 2036 Notes shall be due and payable (unless earlier redeemed) shall be September 17, 2036. The Stated Maturity on which the principal of the 2038 Notes shall be due and payable (unless earlier redeemed) shall be September 17, 2038. The Stated Maturity on which the principal of the 2046 Notes shall be due and payable (unless earlier redeemed) shall be September 17, 2046. The Stated Maturity on which the principal of the 2056 Notes shall be due and payable (unless earlier redeemed) shall be September 17, 2056.
(d) The principal of the 2029 Notes shall bear interest at the rate of 5.350% per annum, which interest shall accrue from the most recent Interest Payment Date to which interest has been paid or duly provided for, and if no interest has been paid or duly provided for, from and including September 17, 2026, payable semi-annually in arrears on March 17 and September 17 (each, a “2029 Notes Interest Payment Date”) in each year, commencing March 17, 2027, to the Persons in whose names the 2029 Notes are registered at the close of business on the March 2 or September 2 immediately preceding such Interest Payment Dates (each, a “2029 Notes Regular Record Date”) regardless of whether such Regular Record Date is a Business Day. The principal of the 2031 Notes shall bear interest at the rate of 5.625% per annum, which interest shall accrue from the most recent Interest Payment Date to which interest has been paid or duly provided for, and if no interest has been paid or duly provided for, from and including September 17, 2026, payable semi-annually in arrears on March 17 and September 17 (each, a “2031 Notes Interest Payment Date”) in each year, commencing March 17, 2027, to the Persons in whose names the 2031 Notes are registered at the close of business on the March 2 or September 2 immediately preceding such Interest Payment Dates (each, a “2031 Notes Regular Record Date”) regardless of whether such Regular Record Date is a Business Day. The principal of the 2033 Notes shall bear interest at the rate of 5.800% per annum, which interest shall accrue from the most recent Interest Payment Date to which interest has been paid or duly provided for, and if no interest has been paid or duly provided for, from and including September 17, 2026, payable semi-annually in arrears on March 17 and September 17 (each, a “2033 Notes Interest Payment Date”) in each year, commencing March 17, 2027, to the Persons in whose names the 2033 Notes are registered at the close of business on the March 2 or September 2 immediately preceding such Interest Payment Dates (each, a “2033 Notes Regular Record Date”) regardless of whether such Regular Record Date is a Business Day. The principal of the 2036 Notes shall
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bear interest at the rate of 5.950% per annum, which interest shall accrue from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, and if no interest has been paid or duly provided for, from and including September 17, 2026, payable semi-annually in arrears on March 17 and September 17 (each, a “2036 Notes Interest Payment Date”) in each year, commencing March 17, 2027, to the Persons in whose names the 2036 Notes are registered at the close of business on the March 2 or September 2 immediately preceding such Interest Payment Dates (each, a “2036 Notes Regular Record Date”) regardless of whether such Regular Record Date is a Business Day. The principal of the 2038 Notes shall bear interest at the rate of 6.100% per annum, which interest shall accrue from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, and if no interest has been paid or duly provided for, from and including September 17, 2026, payable semi-annually in arrears on March 17 and September 17 (each, a “2038 Notes Interest Payment Date”) in each year, commencing March 17, 2027, to the Persons in whose names the 2038 Notes are registered at the close of business on the March 2 or September 2 immediately preceding such Interest Payment Dates (each, a “2038 Notes Regular Record Date”) regardless of whether such Regular Record Date is a Business Day. The principal of the 2046 Notes shall bear interest at the rate of 6.450% per annum, which interest shall accrue from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, and if no interest has been paid or duly provided for, from and including September 17, 2026, payable semi-annually in arrears on March 17 and September 17 (each, a “2046 Notes Interest Payment Date”) in each year, commencing March 17, 2027, to the Persons in whose names the 2046 Notes are registered at the close of business on the March 2 or September 2 immediately preceding such Interest Payment Dates (each, a “2046 Notes Regular Record Date”) regardless of whether such Regular Record Date is a Business Day. The principal of the 2056 Notes shall bear interest at the rate of 6.450% per annum, which interest shall accrue from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, and if no interest has been paid or duly provided for, from and including September 17, 2026, payable semi-annually in arrears on March 17 and September 17 (each, a “2056 Notes Interest Payment Date”) in each year, commencing March 17, 2027, to the Persons in whose names the 2056 Notes are registered at the close of business on the March 2 or September 2 immediately preceding such Interest Payment Dates (each, a “2056 Notes Regular Record Date”) regardless of whether such Regular Record Date is a Business Day.
(e) Interest on each series of Notes shall be calculated on the basis of a 360-day year of twelve 30-day months. Except as described below for the first applicable Interest Payment Date, on each applicable Interest Payment Date, the Issuers will pay interest on each series of Notes for the period commencing on (and including) the immediately preceding applicable Interest Payment Date and ending on (and including) the day immediately preceding that Interest Payment Date. On the first applicable Interest Payment Date, the Issuers will pay interest for the period beginning on (and including) the issue date to (but excluding) the first applicable Interest Payment Date. If any Interest Payment Date falls on a day that is not a Business Day, the related interest payment shall be postponed to the next day that is a Business Day, and no interest on such payment shall accrue for the period from and after such Interest Payment Date. If the Stated Maturity or date of earlier redemption falls on a day that is not a Business Day, payment of principal and interest on such series of Notes will be made on the next succeeding day that is a Business Day, and no interest will accrue for the period from and after such Stated Maturity or date of earlier redemption. “Business Day” means any day, other than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to close in the City of New York.
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(f) Prior to the applicable Par Call Date with respect to a series of Notes, the Issuers may redeem the Notes of such series, at their option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal places) equal to the greater of:
(i) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed discounted to the redemption date (assuming the Notes being redeemed matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus (i) 10 basis points (0.100%), in the case of the 2029 Notes, (ii) 15 basis points (0.150%), in the case of the 2031 Notes, (iii) 15 basis points (0.150%), in the case of the 2033 Notes, (iv) 20 basis points (0.200%), in the case of the 2036 Notes, (v) 20 basis points (0.200%), in the case of the 2038 Notes, (vi) 20 basis points (0.200%), in the case of the 2046 Notes and (vii) 20 basis points (0.200%), in the case of the 2056 Notes, less (b) accrued and unpaid interest to the date of redemption, and
(ii) 100% of the principal amount of the Notes being redeemed; plus, in each case, accrued and unpaid interest on the principal amount of the Notes being redeemed to the redemption date.
(g) On or after the applicable Par Call Date with respect to a series of Notes, the Issuers may redeem the Notes of such series, at their option, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to the redemption date.
Notwithstanding the foregoing, installments of interest on Notes being redeemed that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered holders as of the close of business on the relevant record date according to such Notes and the Indenture.
(h) All payments of interest and principal, including payments made upon any redemption or repurchase of Notes, will be payable in U.S. Dollars.
(i) Each series of Notes is designated, pursuant to Section 2.01 of the Indenture, as being entitled to the benefits of the Guarantees of Aon plc, Aon Corporation and AGL, and Article Fifteen of the Base Indenture shall apply, and inure to the benefit of, each series of Notes.
(j) Each series of Notes is subject to redemption at the option of the Issuers as provided in the form of Note attached hereto as Exhibit A and in the Indenture.
(k) Each series of Notes shall have such other terms and provisions as are set forth in the form of Note attached hereto as Exhibit A (all of which are incorporated by reference in and made a part of this Second Indenture Supplement as if set forth in full at this place).
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(l) In the event that the USI Acquisition is not consummated on or before the earliest of (i) the later of (x) June 1, 2027 and (y) such later date to which the outside date under the Merger Agreement as in effect on the issue date may be extended in accordance with the terms thereof, (ii) the valid termination of the Merger Agreement (other than in connection with the consummation of the USI Acquisition) and (iii) the Issuers’ determination based on their reasonable judgment (in which case the Issuers will notify the Trustee in writing thereof) that the USI Acquisition will not be consummated (any event described in clause (i), (ii) or (iii), a “Special Mandatory Redemption Event”), the Issuers will be required to redeem all of the outstanding USI Acquisition Notes of each series at a redemption price equal to 101% of the aggregate principal amount of such USI Acquisition Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (the “Special Mandatory Redemption Price”, and such redemption, a “Special Mandatory Redemption”). Upon the occurrence of a Special Mandatory Redemption Event, the Issuers will cause a notice of Special Mandatory Redemption to be transmitted to the Trustee and each holder of the USI Acquisition Notes at its registered address (or electronically delivered or otherwise transmitted in accordance with the depositary’s procedures) promptly, but in any event not later than five Business Days after the occurrence of such Special Mandatory Redemption Event, and will redeem the USI Acquisition Notes on the date specified in such notice (the date so specified, the “Special Mandatory Redemption Date”). The Special Mandatory Redemption Date will be a date selected by the Issuers and set forth in the notice of Special Mandatory Redemption and will be no later than 30 days following the occurrence of the applicable Special Mandatory Redemption Event, but no earlier than the fifth Business Day following the day the notice of Special Mandatory Redemption is transmitted to holders of the USI Acquisition Notes. In no event shall the Trustee be responsible for monitoring the status of the USI Acquisition. If funds sufficient to pay the Special Mandatory Redemption Price of the USI Acquisition Notes on the Special Mandatory Redemption Date are deposited with the Trustee or a paying agent on or before such Special Mandatory Redemption Date, on and after such Special Mandatory Redemption Date, the USI Acquisition Notes will cease to bear interest.
Section 2.03. Denominations . The Notes shall be issued in registered form without interest coupons and only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.
Section 2.04. Form . The Notes will be represented by one or more Global Securities. The Notes shall be in substantially the form set forth in Exhibit A hereto with such changes therein as may be authorized by any officer of the Company and AGH executing such Notes by manual, facsimile or electronic signature, such approval to be conclusively evidenced by the execution thereof by such applicable officer.
The terms and provisions contained in each series of Notes shall constitute, and are hereby expressly made, a part of this Second Indenture Supplement, and the Issuers and the Trustee, by their execution and delivery of this Second Indenture Supplement, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any series of Notes conflicts with the express provisions of this Second Indenture Supplement, the provisions of this Second Indenture Supplement shall govern and be controlling.
Each series of Notes shall be issued as registered Securities without coupons.
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ARTICLE III
Miscellaneous
Section 3.01. Amendment to Section 4.04—Statement by Officers as to Default . For purposes of the Notes, Section 4.04 of the Base Indenture shall be deleted in its entirety and is hereby replaced and superseded with the following provision:
“Section 4.04. Statement by Officers as to Default.
(a) Either the Company or the Co-Issuer will deliver to the Trustee, on or before a date not more than four months after the end of each fiscal year of the Company or the Co-Issuer, as applicable, ending after the date hereof, an Officers’ Certificate of the Company or the Co-Issuer, as applicable, which shall include the statements provided for in Section 16.04 and stating whether or not to the best knowledge of the signers thereof either the Company or the Co-Issuer is in default in the performance or observance of any of the terms, provisions and conditions of this Indenture to be performed or observed by it and specifying all such defaults and the nature thereof of which it may have knowledge.
(b) The Company and the Co-Issuer, as applicable, will deliver to the Trustee, as soon as practicable upon becoming aware of any default (which word has the meaning of the word “default” as used in Section 6.07) or Event of Default with respect to a particular series of Securities that has occurred and is continuing, a written notice setting forth the details of such default or Event of Default.”
ARTICLE IV
Miscellaneous
Section 4.01. Ratification . This Second Indenture Supplement shall be deemed part of the Base Indenture in the manner and to the extent herein provided. Except as expressly amended hereby, the Base Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.
Section 4.02. Provisions Binding on Successors . All the covenants, stipulations, promises and agreements in this Second Indenture Supplement contained by or on behalf of the Issuers or the Guarantors shall bind their respective successors and assigns, whether so expressed or not.
Section 4.03. Counterparts . This Second Indenture Supplement and the Global Securities may be executed in any number of counterparts, each of which so executed shall be deemed an original, but all of such counterparts shall together constitute but one and the same instrument. The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper- based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.
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Section 4.04. Governing Law . This Second Indenture Supplement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the principles of conflicts of laws.
Section 4.05. Separability . In case any one or more of the provisions contained in this Second Indenture Supplement or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Second Indenture Supplement or of such Notes, but this Second Indenture Supplement and such Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.
Section 4.06. Trustee . The Trustee makes no representation as to the validity or sufficiency of this Second Indenture Supplement. The recitals contained herein shall be taken as the statements of the Issuers and the Trustee assumes no responsibility for their correctness. The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”), given pursuant to this Second Indenture Supplement and delivered using Electronic Means; provided, however, that the Issuers shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Issuers whenever a person is to be added or deleted from the listing. If the Company or the Co-Issuer elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. Each of the Issuers understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Issuers shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Issuers and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Issuers. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Issuers agree: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that they are fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company or the Co-Issuer, as the case may be; (iii) that the security procedures (if any) to be followed in connection with their transmission of Instructions provide to them a commercially reasonable degree of protection in light of their particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. The Trustee may execute this Second Indenture Supplement and any other documents delivered pursuant hereto (including authentication of the
13
Notes) via Electronic Means. “Electronic Means” shall mean the following communications methods: S.W.I.F.T., e-mail, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services hereunder.
[Signature Pages Follow]
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IN WITNESS WHEREOF, each of the parties hereto has caused this Second Indenture Supplement to be duly signed, all as of the day and year first above written.
| AON NORTH AMERICA, INC., A CORPORATION DULY ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF DELAWARE | ||
| By: | /s/ Robert Lee | |
| Name: Robert Lee | ||
| Title: Vice President | ||
| AON GLOBAL HOLDINGS PLC, A PUBLIC LIMITED COMPANY DULY ORGANIZED AND EXISTING UNDER THE LAWS OF ENGLAND AND WALES | ||
| By: | /s/ Gardner Mugashu | |
| Name: Gardner Mugashu | ||
| Title: Director | ||
| AON PLC, A PUBLIC LIMITED COMPANY DULY ORGANIZED AND EXISTING UNDER THE LAWS OF IRELAND | ||
| By: | /s/ John King | |
| Name: John King | ||
| Title: Global Treasurer | ||
| AON CORPORATION, A CORPORATION DULY ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF DELAWARE | ||
| By: | /s/ Robert Lee | |
| Name: Robert Lee | ||
| Title: Vice President | ||
[Signature Page to the Second Indenture Supplement]
| AON GLOBAL LIMITED, A PRIVATE LIMITED COMPANY DULY ORGANIZED AND EXISTING UNDER THE LAWS OF ENGLAND AND WALES | ||
| By: | /s/ Alistair Boyd | |
| Name: Alistair Boyd | ||
| Title: Director | ||
[Signature Page to the Second Indenture Supplement]
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., | ||
| By: | /s/ Terence Rawlins | |
| Name: Terence Rawlins | ||
| Title: Vice President | ||
[Signature Page to the Second Indenture Supplement]
FORM OF NOTE
Unless this Security is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the Issuers or their agent for registration of transfer, exchange or payment, and any Security issued upon registration of transfer of, or in exchange for, or in lieu of, this Security is registered in the name of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.
AON NORTH AMERICA, INC.
AON GLOBAL HOLDINGS PLC
$ % Senior Notes Due 20
with full and unconditional guarantees
as to payment of principal and interest by
Aon plc, Aon Corporation and Aon Global Limited
No.
$
CUSIP No.
AON NORTH AMERICA, INC.
AON GLOBAL HOLDINGS PLC
Aon North America, Inc., a Delaware corporation (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to) and Aon Global Holdings plc, a public limited company incorporated under the laws of England and Wales (herein called the “Co-Issuer,” which term includes any successor Person under the Indenture hereinafter referred to, and, together with the Company, the “Issuers”), for value received, hereby jointly and severally promise to pay to Cede & Co., as nominee for The Depository Trust Company, or registered assigns, the principal sum of ($ ) on , 20 and, subject to Section 16.05 of said Indenture, to pay interest thereon from September 17, 2026 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on each March 17 and September 17, commencing on March 17, 2027 (each, an “Interest Payment Date”), at the rate of % per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be March 2 or September 2 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more predecessor Securities) is registered at the close of business on a
A-1
subsequent record date for the payment of such defaulted interest established by the Issuers, notice whereof shall be given to Holders of Securities of this series not less than 15 days prior to such subsequent record date, such record date to be not less than 5 days preceding the date of payment of such defaulted interest, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.
Payment of the principal of and premium, if any, and interest on this Security will be made at the office or agency of the Company maintained for that purpose in the City of Chicago or the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company or the Co-Issuer, payment of interest may be made by wire transfer, other electronic means or mailing checks to the address of the Holder entitled thereto as such address shall appear in the Security Register.
The Securities of this series are subject to redemption at the option of the Issuers prior to the stated maturity as described in the Indenture and on the reverse hereof.
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the Trustee referred to herein by manual, facsimile or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.
NOTICE TO HOLDER
THE HOLDER OF THIS SECURITY IS HEREBY NOTIFIED, AND BY ITS ACCEPTANCE HEREOF ACKNOWLEDGES, THAT (1) THE ISSUERS AND A GUARANTOR, IN RESPECT OF ITS GUARANTEE, SHALL WITHHOLD OR DEDUCT FOR OR ON ACCOUNT OF ANY PRESENT OR FUTURE INCOME, STAMP OR OTHER TAX, DUTY, LEVY, IMPOST, ASSESSMENT OR OTHER GOVERNMENTAL CHARGE OF ANY NATURE WHATSOEVER IMPOSED OR LEVIED BY OR ON BEHALF OF THE GOVERNMENT OF THE UNITED STATES OR BY ANY AUTHORITY OR AGENCY THEREIN OR THEREOF HAVING THE POWER TO TAX (COLLECTIVELY, “UNITED STATES TAXES”) AS REQUIRED BY LAW OF THE UNITED STATES AND (2) IF THE COMPANY, THE CO-ISSUER OR A GUARANTOR (OR A WITHHOLDING AGENT FOR THE COMPANY, THE CO-ISSUER OR SUCH GUARANTOR) IS SO REQUIRED TO WITHHOLD OR DEDUCT ANY AMOUNT FOR OR ON ACCOUNT OF UNITED STATES TAXES FROM ANY PAYMENT, NO ADDITIONAL AMOUNTS SHALL BE PAID TO A HOLDER OR BENEFICIAL OWNER FOR OR WITH RESPECT TO THE AMOUNT SO WITHHELD OR DEDUCTED.
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IN WITNESS WHEREOF, the Company and the Co-Issuer have caused this instrument to be duly executed.
Dated: September 17, 2026
| AON NORTH AMERICA, INC., A CORPORATION DULY ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF DELAWARE | ||
| By: | ||
| Name: | ||
| Title: | ||
[Seal]
Attest:
| AON GLOBAL HOLDINGS PLC, A PUBLIC LIMITED COMPANY DULY ORGANIZED AND EXISTING UNDER THE LAWS OF ENGLAND AND WALES | ||
| By: | ||
| Name: | ||
| Title: | ||
[Seal]
Attest:
|
|
[Co-Issuers’ Signature Page to the Global Note]
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
Dated: September 17, 2026
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee, |
||
| By: | ||
| Authorized Officer | ||
[Trustee Signature Page to the Global Note]
This Security is one of a duly authorized series of securities of the Company and the Co-Issuer entitled “ % Senior Notes Due 20 ” (herein called the “Securities”) issued and to be issued under the Indenture, dated March 1, 2024, as supplemented by the Second Indenture Supplement, dated September 17, 2026, among the Issuers, the Guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture, as defined below) (together, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuers, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. The Securities of this series will initially be issued in the aggregate principal amount of $ . The Issuers may, from time to time, without the written consent of or notice to Holders of the Securities of this series, create and issue under the Indenture additional securities having the same terms and conditions as the Securities of this series (other than the issue date, the issue price and, to the extent applicable, the first date from which interest on such additional securities shall accrue and the first interest payment date for such additional securities) and such additional securities shall be consolidated with and form a single series with the Securities of this series.
Prior to , 20 ( months prior to the Securities’ Stated Maturity) (the “Par Call Date”), the Issuers may redeem the Securities at their option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal places) equal to the greater of (i) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed discounted to the redemption date (assuming the Securities being redeemed matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus basis points ( %), less (b) interest accrued to the date of redemption, and (ii) 100% of the principal amount of the Securities being redeemed; and plus, in either case, accrued and unpaid interest on the principal amount of the Securities being redeemed to the redemption date.
On or after the Par Call Date, the Issuers may redeem the Securities, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest thereon to the redemption date.
“Treasury Rate” means, with respect to any redemption date, the yield determined by the Issuers in accordance with the following two paragraphs:
The Treasury Rate shall be determined by the Issuers after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuers shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.
If, on the third business day preceding the redemption date, H.15 is no longer published, the Issuers shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Issuers shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuers shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. The Trustee shall have no responsibility to calculate, or to verify the Issuers’ calculation, of any redemption price.
In the event that the USI Acquisition (as defined below) is not consummated on or before the earliest of (i) the later of (x) June 1, 2027 and (y) such later date to which the outside date under the Merger Agreement (as defined below) as in effect on the issue date may be extended in accordance with the terms thereof, (ii) the valid termination of the Merger Agreement (other than in connection with the consummation of the USI Acquisition) and (iii) the Issuers’ determination based on their reasonable judgment (in which case the Issuers will notify the Trustee in writing thereof) that the USI Acquisition will not be consummated (any event described in clause (i), (ii) or (iii), a “Special Mandatory Redemption Event”), the Issuers will be required to redeem all of the outstanding USI Acquisition Notes of each series at a redemption price equal to 101% of the aggregate principal amount of such USI Acquisition Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (the “Special Mandatory Redemption Price”, and such redemption, a “Special Mandatory Redemption”). Upon the occurrence of a Special Mandatory Redemption Event, the Issuers will cause a notice of Special Mandatory Redemption to be transmitted to the Trustee and each holder of the USI Acquisition Notes at its registered address (or electronically delivered or otherwise transmitted in accordance with the depositary’s procedures) promptly, but in any event not later than five Business Days after the occurrence of such Special Mandatory Redemption Event, and will redeem the USI Acquisition Notes on the date specified in such notice (the date so specified, the “Special Mandatory Redemption Date”).
The Special Mandatory Redemption Date will be a date selected by the Issuers and set forth in the notice of Special Mandatory Redemption and will be no later than 30 days following the occurrence of the applicable Special Mandatory Redemption Event, but no earlier than the fifth Business Day following the day the notice of Special Mandatory Redemption is transmitted to holders of the USI Acquisition Notes. In no event shall the Trustee be responsible for monitoring the status of the USI Acquisition. If funds sufficient to pay the Special Mandatory Redemption Price of the USI Acquisition Notes on the Special Mandatory Redemption Date are deposited with the Trustee or a paying agent on or before such Special Mandatory Redemption Date, on and after such Special Mandatory Redemption Date, the USI Acquisition Notes will cease to bear interest.
“Merger Agreement” means the agreement and plan of merger, dated as of August 30, 2026, by and among Aon plc, the Company, Merger Sub, USI, and Uno Aggregator II L.P., a Delaware limited partnership.
“Merger Sub” means Cortlandt Acquisition Corp., a Delaware corporation and an indirect, wholly owned subsidiary of Aon plc.
“USI” means USI Advantage Corp., a Delaware corporation.
“USI Acquisition” means the acquisition by the Company of the issued and outstanding equity interests of USI pursuant to the Merger Agreement.1
The Issuers’ actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. The Trustee shall have no responsibility to calculate, or to verify the Issuers’ calculation, of any redemption price.
Notice of any optional redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary’s procedures) at least 10 days but not more than 90 days before the redemption date to each Holder of Securities to be redeemed. In the case of a partial redemption, selection of Securities in certificated form for redemption will be made by lot. Unless the Issuers default in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Securities or portions thereof called for redemption. In the case of a partial redemption, selection of the Securities for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. For so long as the Securities are held by The Depository Trust Company (or another depositary), the redemption of the Notes shall be done in accordance with the policies and procedures of the depositary. Such notice of redemption may, at the Issuers’ discretion, be conditional, subject to one or more conditions precedent.
| 1 | Applicable only in the case of the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2038 Notes and the 2046 Notes. |
Notwithstanding the foregoing, installments of interest on Securities being redeemed that are due and payable on Interest Payment Dates falling on or prior to a redemption date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the Regular Record Date according to the Securities and the Indenture.
All payments made by a Guarantor with respect to its Guarantee shall be made free and clear of and without withholding or deduction for or on account of any present or future income, stamp or other tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or levied by or on behalf of the government of the United Kingdom or Ireland, as applicable, or, in each case, by any authority or agency therein or thereof having the power to tax (collectively, “Taxes”), unless such Guarantor is required to withhold or deduct Taxes by law.
If an Event of Default with respect to the Securities of this series shall occur and be continuing, the principal amount of and accrued and unpaid interest, if any, on the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.
The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth therein.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuers and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuers and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Issuers with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company and the Co-Issuer, which is joint and several, absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company or the Co-Issuer in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company or the Co-Issuer and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount will be issued to the designated transferee or transferees.
The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. No service charge shall be made for any such registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Security for registration of transfer, the Company, the Co-Issuer, the Trustee and any agent of the Company, the Co-Issuer or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the Co-Issuer, the Trustee or any such agent shall be affected by notice to the contrary.
Interest on this Security shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Except as described below for the first Interest Payment Date, on each Interest Payment Date, the Issuers will pay interest on the Notes for the period commencing on (and including) the immediately preceding Interest Payment Date and ending on (and including) the day immediately preceding that Interest Payment Date. On the first Interest Payment Date, the Issuers will pay interest for the period beginning on (and including) the issue date to (but excluding) the first Interest Payment Date. If any Interest Payment Date falls on a day that is not a Business Day, the related interest payment shall be postponed to the next day that is a Business Day, and no interest on such payment shall accrue for the period from and after such Interest Payment Date. If the Stated Maturity or date of earlier redemption falls on a day that is not a Business Day, payment of principal and interest on such Notes will be made on the next succeeding day that is a Business Day, and no interest will accrue for the period from and after such Stated Maturity or date of earlier redemption. “Business Day” means any day, other than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to close in the City of New York.
All terms used but not defined in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.
This Security shall be governed by and construed in accordance with the laws of the State of New York without giving effect to the conflict of laws provisions thereof.
ASSIGNMENT
I or we assign and transfer this Security to:
(Insert assignee’s social security or tax I.D. number)
(Print or type name, address and zip code of assignee)
and irrevocably appoint:
as agent to transfer this Security on the books of the Issuers. The agent may substitute another to act for him.
| Date: | Your Signature: | |
| (Sign exactly as your name appears on the face of this Security) |
Signature Guarantee:
Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.
NOTATION OF GUARANTEE
For value received, the undersigned Guarantor (which term includes any successor Person under the Indenture), subject to the provisions in the Indenture and the terms of the Securities of this series, has fully, unconditionally and irrevocably guaranteed to and for the benefit of each Holder and the Trustee the due and prompt payment in full of all amounts which may at any time be or become from time to time due and payable by the Issuers under the Indenture or otherwise with respect to the Securities of this series registered in such Holder’s name, at their stated due dates or when otherwise due in accordance with the terms thereof. The obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee under the Indenture are expressly set forth in Article Fifteen of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. Each Holder of a Security, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints the Trustee attorney-in-fact of such Holder for the purpose of such provisions.
| AON PLC, A PUBLIC LIMITED COMPANY DULY ORGANIZED AND EXISTING UNDER THE LAWS OF IRELAND, | ||
| By: | ||
| Name: | ||
| Title: | ||
[Signature Page to the Notation of Guarantee]
NOTATION OF GUARANTEE
For value received, the undersigned Guarantor (which term includes any successor Person under the Indenture), subject to the provisions in the Indenture and the terms of the Securities of this series, has fully, unconditionally and irrevocably guaranteed to and for the benefit of each Holder and the Trustee the due and prompt payment in full of all amounts which may at any time be or become from time to time due and payable by the Issuers under the Indenture or otherwise with respect to the Securities of this series registered in such Holder’s name, at their stated due dates or when otherwise due in accordance with the terms thereof. The obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee under the Indenture are expressly set forth in Article Fifteen of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. Each Holder of a Security, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints the Trustee attorney-in-fact of such Holder for the purpose of such provisions.
| AON CORPORATION, A CORPORATION DULY ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF DELAWARE, | ||
| By: | ||
| Name: | ||
| Title: | ||
[Signature Page to the Notation of Guarantee]
NOTATION OF GUARANTEE
For value received, the undersigned Guarantor (which term includes any successor Person under the Indenture), subject to the provisions in the Indenture and the terms of the Securities of this series, has fully, unconditionally and irrevocably guaranteed to and for the benefit of each Holder and the Trustee the due and prompt payment in full of all amounts which may at any time be or become from time to time due and payable by the Issuers under the Indenture or otherwise with respect to the Securities of this series registered in such Holder’s name, at their stated due dates or when otherwise due in accordance with the terms thereof. The obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee under the Indenture are expressly set forth in Article Fifteen of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. Each Holder of a Security, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints the Trustee attorney-in-fact of such Holder for the purpose of such provisions.
| AON GLOBAL LIMITED, A PRIVATE LIMITED COMPANY DULY ORGANIZED AND EXISTING UNDER THE LAWS OF ENGLAND AND WALES | ||
| By: | ||
| Name: | ||
| Title: | ||
[Signature Page to the Notation of Guarantee]
Exhibit 5.1
SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
|
|
ONE MANHATTAN WEST
NEW YORK, NY 10001 ———
TEL: (212) 735-3000 FAX: (212) 735-2000 www.skadden.com
September 17, 2026 |
FIRM/AFFILIATE OFFICES ——— BOSTON CHICAGO HOUSTON LOS ANGELES PALO ALTO WASHINGTON, D.C. WILMINGTON ——— ABU DHABI BEIJING BRUSSELS FRANKFURT HONG KONG LONDON MUNICH PARIS SÃO PAULO SEOUL SINGAPORE TOKYO TORONTO |
Aon plc
15 George’s Quay
Dublin 2, Ireland
| RE: | Aon North America, Inc. and Aon Global Holdings plc Senior Notes Offering |
Ladies and Gentlemen:
We have acted as special United States counsel to Aon plc, a public limited company formed under the laws of Ireland (the “Company”), in connection with the public offering of $2,000,000,000 aggregate principal amount of the Issuers’ (as defined below) 5.350% Senior Notes due 2029 (the “2029 Notes”), $3,000,000,000 aggregate principal amount of the Issuers’ 5.625% Senior Notes due 2031 (the “2031 Notes”), $2,000,000,000 aggregate principal amount of the Issuers’ 5.800% Senior Notes due 2033 (the “2033 Notes”), $2,750,000,000 aggregate principal amount of the Issuers’ 5.950% Senior Notes due 2036 (the “2036 Notes”), $1,000,000,000 aggregate principal amount of the Issuers’ 6.100% Senior Notes due 2038 (the “2038 Notes”), $750,000,000 aggregate principal amount of the Issuers’ 6.450% Senior Notes due 2046 (the “2046 Notes”) and $2,000,000,000 aggregate principal amount of the Issuers’ 6.450% Senior Notes due 2056 (the “2056 Notes” and, together with the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2038 Notes and the 2046 Notes, the “Notes”), in each case to be issued under the Indenture, dated as of March 1, 2024 (the “Base Indenture”), among Aon North America, Inc., a Delaware corporation (“ANA”), Aon Global Holdings plc, a public
limited company formed under the laws of England and Wales (“AGH” and, collectively with ANA, the “Issuers” and each, an “Issuer”), the Guarantors (as defined below) and The Bank of New York Mellon Trust Company, N.A., as trustee (in such capacity, the “Trustee”), as supplemented by the second indenture supplement dated as of September 17, 2026 among the Issuers, the Guarantors and the Trustee (the “Second Indenture Supplement,” and together with the Base Indenture, the “Indenture”). The Indenture provides that the Notes are to be guaranteed by the Company, Aon Corporation, a Delaware corporation (“Aon Corporation”), and Aon Global Limited, a private limited company incorporated under the laws of England and Wales (“AGL” and, together with the Company and Aon Corporation, the “Guarantors”). The Notes and the Guarantees (as defined below) are collectively referred to herein as the “Securities.”
This opinion letter is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act of 1933 (the “Securities Act”).
In rendering the opinions stated herein, we have examined and relied upon the following:
(a) the registration statement on Form S-3 (File Nos. 333-297255, 333-297255-01, 333-297255-02, 333-297255-03, and 333-297255-04) of the Opinion Parties (as defined below) relating to debt securities and other securities of the Opinion Parties filed on July 2, 2026 with the Securities and Exchange Commission (the “Commission”) under the Securities Act allowing for delayed offerings pursuant to Rule 415 of the General Rules and Regulations under the Securities Act (the “Rules and Regulations”), including the information deemed to be a part of the registration statement pursuant to Rule 430B of the Rules and Regulations (such registration statement being hereinafter referred to as the “Registration Statement”);
(b) the prospectus, dated July 2, 2026 (the “Base Prospectus”), which forms a part of and is included in the Registration Statement;
(c) the preliminary prospectus supplement, dated September 11, 2026 (together with the Base Prospectus, the “Preliminary Prospectus”), relating to the offering of the Securities, in the form filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations;
(d) the prospectus supplement, dated September 14, 2026 (together with the Base Prospectus, the “Prospectus”), relating to the offering of the Securities, in the form filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations;
(e) an executed copy of the Underwriting Agreement, dated September 14, 2026 (the “Underwriting Agreement”), among the Opinion Parties and Citigroup Global Markets Inc., BofA Securities, Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC and HSBC Securities (USA) Inc. as representatives of the several Underwriters named therein (the “Underwriters”), relating to the sale by the Issuers to the Underwriters of the Securities;
(f) the global certificates evidencing the Notes, executed by the Issuers and registered in the name of Cede & Co. (the “Note Certificates”), delivered by the Issuers to the Trustee for authentication and delivery;
(g) an executed copy of the Base Indenture, including Section 15.01 of the Base Indenture and Section 2.02 of the Second Indenture Supplement, containing the guaranty obligations of the Guarantors (the “Guarantees”);
(h) an executed copy of the Second Indenture Supplement;
(i) executed copies of certificates for each Delaware Opinion Party (as defined below) of Colby Alexis, Secretary of each of the Delaware Opinion Parties, dated the date hereof (together, the “Secretary’s Certificates”);
(j) a copy of each Delaware Opinion Party’s Certificate of Incorporation, as amended, and Certificate of Amendment, as applicable, certified by the Secretary of State of the State of Delaware as of September 17, 2026, and certified pursuant to the Secretary’s Certificates as being in effect on the date of the resolutions referred to below and as of the date hereof;
(k) a copy of each Delaware Opinion Party’s bylaws, certified pursuant to the applicable Secretary’s Certificates as being in effect on the date of the resolutions referred to below and as of the date hereof; and
(l) a copy of certain resolutions of the Board of Directors of each Opinion Party, adopted on August 30, 2026 and September 11, 2026, certified pursuant to the Secretary’s Certificates.
We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such records of the Opinion Parties and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Opinion Parties and others, and such other documents as we have deemed necessary or appropriate as a basis for the opinions stated below.
In our examination, we have assumed the genuineness of all signatures, including electronic signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified or photocopied copies, and the authenticity of the originals of such copies. As to any facts relevant to the opinions stated herein that we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives of the Opinion Parties and others and of public officials, including the facts and conclusions set forth in the Secretary’s Certificates and the factual representations and warranties contained in the Underwriting Agreement.
We do not express any opinion with respect to the laws of any jurisdiction other than (i) the laws of the State of New York and (ii) the General Corporation Law of the State of Delaware (the “DGCL”) (all of the foregoing being referred to as “Opined-on Law”).
As used herein, (i) “Opinion Parties” means, collectively, the Issuers and the Guarantors (each, an “Opinion Party”), (ii) “Delaware Opinion Parties” means, collectively, ANA and Aon Corporation (each, a “Delaware Opinion Party”) and (iii) “Transaction Documents” means the Underwriting Agreement, the Indenture and the Note Certificates.
Based upon the foregoing and subject to the qualifications and assumptions stated herein, we are of the opinion that:
1. The Note Certificates have been duly authorized by all requisite corporate action on the part of ANA and duly executed by ANA under the DGCL, and when duly authenticated by the Trustee and issued and delivered by the Issuers against payment therefor in accordance with the terms of the Underwriting Agreement and the Indenture, the Note Certificates will constitute valid and binding obligations of the Issuers, enforceable against the Issuers in accordance with their terms under the laws of the State of New York.
2. The Guarantee of Aon Corporation has been duly authorized by all requisite corporate action on the part of Aon Corporation under the DGCL and, when the Note Certificates are duly authenticated by the Trustee and issued and delivered by the Issuers against payment therefor in accordance with the terms of the Underwriting Agreement and the Indenture, the Guarantees will constitute valid and binding obligations of the Guarantors, enforceable against the Guarantors in accordance with their terms under the laws of the State of New York.
The opinions stated herein are subject to the following assumptions and qualifications:
(a) we do not express any opinion with respect to the effect on the opinions stated herein of any bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, preference and other similar laws or governmental orders affecting creditors’ rights generally, and the opinions stated herein are limited by such laws and governmental orders and by general principles of equity (regardless of whether enforcement is sought in equity or at law);
(b) we do not express any opinion with respect to any law, rule, regulation or order that is applicable to any party to any of the Transaction Documents or the transactions contemplated thereby solely because such law, rule, regulation or order is part of a regulatory regime applicable to any such party or any of its affiliates as a result of the specific assets or business operations of such party or such affiliates;
(c) except to the extent expressly stated in the opinions contained herein, we have assumed that each of the Transaction Documents constitutes the valid and binding obligation of each party to such Transaction Document, enforceable against such party in accordance with its terms;
(d) we do not express any opinion with respect to the enforceability of any provision contained in any Transaction Document relating to any indemnification, contribution, non-reliance, exculpation, release, limitation or exclusion of remedies, waiver, or other provisions having similar effect that may be contrary to public policy or violative of federal or state securities laws, rules, regulations or orders, or to the extent any such provision purports to waive or alter, or has the effect of waiving or altering, any statute of limitations;
(e) we do not express any opinion as to whether the execution or delivery of any Transaction Document by any Opinion Party, or the performance by any Opinion Party of its obligations under any Transaction Document to which such Opinion Party is a party, will constitute a violation of, or a default under, any covenant, restriction or provision with respect to financial ratios or tests or any aspect of the financial condition or results of operations of any Opinion Party or any of its subsidiaries;
(f) the opinions stated herein are limited to the agreements and documents specifically identified in the opinions contained herein (the “Specified Documents”) without regard to any agreement or other document referenced in any Specified Document (including agreements or other documents incorporated by reference or attached or annexed thereto) and without regard to any other agreement or document relating to any Specified Document that is not a Transaction Document;
(g) this opinion letter shall be interpreted in accordance with customary practice of United States lawyers who regularly give opinions in transactions of this type;
(h) we have assumed that subsequent to the effectiveness of the Base Indenture and immediately prior to the effectiveness of the Second Indenture Supplement, the Base Indenture has not been amended, restated, supplemented or otherwise modified in any way that affects or relates to the Notes Certificates other than by the applicable Transaction Documents relating to such Securities;
(i) to the extent that any opinion relates to the enforceability of the choice of New York law and choice of New York forum provisions contained in any Transaction Document, the opinions stated herein are subject to the qualification that such enforceability may be subject to, in each case, (i) the exceptions and limitations in New York General Obligations Law Sections 5-1401 and 5-1402 and (ii) principles of comity and constitutionality;
(j) we do not express any opinion with respect to the enforceability of Section 15.01 of the Base Indenture or Section 2.02 of the Second Indenture Supplement, as applicable, to the extent that such section provides that the obligations of the Guarantors of their Guarantees are absolute and unconditional irrespective of the enforceability or genuineness of the Indenture or the effect thereof on the opinions herein stated;
(k) we do not express any opinion with respect to the enforceability of the provisions contained in Section 15.04 of the Base Indenture or Section 2.02 of the Second Indenture Supplement, as applicable, to the extent that such provisions limit the obligation of the Guarantors of their Guarantees under the Indenture or any right of contribution of any party with respect to the Guarantees;
(l) we call to your attention that irrespective of the agreement of the parties to any Transaction Document, a court may decline to hear a case on grounds of forum non conveniens or other doctrine limiting the availability of such court as a forum for resolution of disputes; in addition, we call to your attention that we do not express any opinion with respect to the subject matter jurisdiction of the federal courts of the United States of America in any action arising out of or relating to any Transaction Document;
(m) we have assumed that Corporation Service Company has accepted appointment as agent to receive service of process and call to your attention that we do not express any opinion if and to the extent such agent shall resign such appointment. Further, we do not express any opinion with respect to the irrevocability of the designation of such agent to receive service of process;
(n) we call to your attention that the opinions stated herein are subject to possible judicial action giving effect to governmental actions or laws of jurisdictions other than those with respect to which we express our opinion; and
(o) we do not express any opinion with respect to the enforceability of any provision contained in any Transaction Document providing for indemnity by any party thereto against any loss in obtaining the currency due to such party under any Transaction Document from a court judgment in another currency.
In addition, in rendering the foregoing opinions we have also assumed that, at all applicable times:
(a) The Company, AGH and AGL (i) was duly incorporated and was validly existing and in good standing, (ii) had requisite legal status and legal capacity under the laws of the jurisdiction of its organization and (iii) has complied and will comply with all aspects of the laws of the jurisdiction of its organization in connection with the transactions contemplated by, and the performance of its obligations under, the Transaction Documents to which the Non-Opinion Party Guarantor is a party;
(b) The Company, AGH and AGL had the corporate power and authority to execute, deliver and perform all its obligations under each of the Transaction Documents;
(c) each of the Transaction Documents to which each of the Company, AGH and AGL is a party had been duly authorized, executed and delivered by all requisite corporate action on the part of the Company, AGH and AGL, respectively;
(d) neither the execution and delivery by each Opinion Party of the Transaction Documents to which each Opinion Party is a party nor the performance by each Opinion Party of its obligations thereunder, including the issuance and sale of the Securities: (i) conflicted or will conflict with the articles or certificates of incorporation, certificate of formation, as applicable, or any other comparable organizational document of each Opinion Party, (ii) constituted or will constitute a violation of, or a default under, any lease, indenture, agreement or other instrument to which each Opinion Party or its property is subject (except that we do not make the assumption set forth in this clause (ii) with respect to those agreements or instruments expressed to be governed by the laws of the State of New York which are listed in Part II of the Registration Statement or the Company’s Annual Report on Form 10-K for the year ended December 31, 2025), (iii) contravened or will contravene any order or decree of any governmental authority to which each Opinion Party or its property is subject, or (iv) violated or will violate any law, rule or regulation to which each Opinion Party or its property is subject (except that we do not make the assumption set forth in this clause (iv) with respect to the Opined-on Law); and
(e) neither the execution and delivery by the Issuers or any Guarantor of the Transaction Documents to which the Issuers or such Guarantor is a party nor the performance by the Issuers and such Guarantor of its obligations thereunder, including the issuance and sale of the Securities, required or will require the consent, approval, licensing or authorization of, or any filing, recording or registration with, any governmental authority under any law, rule or regulation of any jurisdiction.
We hereby consent to the reference to our firm under the heading “Legal Matters” in the Preliminary Prospectus and the Prospectus. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations. We also hereby consent to the filing of this opinion letter with the Commission as an exhibit to the Company’s Current Report on Form 8-K being filed on the date hereof and incorporated by reference into the Registration Statement. This opinion letter is expressed as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.
| Very truly yours, |
| /s/ Skadden, Arps, Slate, Meagher & Flom LLP |
Exhibit 5.2
SKADDEN, ARPS, SLATE, MEAGHER & FLOM (UK) LLP
| 22 BISHOPSGATE
LONDON EC2N 4BQ
TEL: (020) 7519-7000
FAX: (020) 7519-7070
www.skadden.com |
AFFILIATE OFFICES
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BOSTON CHICAGO HOUSTON LOS ANGELES NEW YORK PALO ALTO WASHINGTON, D.C. WILMINGTON
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ABU DHABI BEIJING BRUSSELS FRANKFURT HONG KONG PARIS SÃO PAULO SEOUL SINGAPORE TOKYO TORONTO |
|||
| 17 September 2026 | ||||
Aon plc
15 George’s Quay
Dublin 2
Ireland
D02 VR98
Ladies and Gentlemen,
Aon North America, Inc. and Aon Global Holdings plc – Prospectus Supplement – Exhibit 5.2
| 1. | We have acted as special English legal advisers for Aon plc, a public limited company formed under the laws of Ireland (“Aon plc”), in connection with the preparation and filing with the U.S. Securities and Exchange Commission (the “Commission”) of a prospectus supplement dated 14 September 2026 (the “Prospectus Supplement”), being a supplement to the registration statement on Form S-3 of the Issuers and the Guarantors (each as defined below) (File Nos. 333-297255, 333-297255-01, 333-297255-02, 333-297255-03 and 333-297255-04) filed on 2 July 2026 (the “Registration Statement”) with the Commission under the Securities Act of 1933, as amended (the “Securities Act”), relating to the offer of the Issuers’ $2,000,000,000 5.350% Senior Notes due 2029 (the “2029 Notes”), $3,000,000,000 5.625% Senior Notes due 2031 (the “2031 Notes”), $2,000,000,000 5.800% Senior Notes due 2033 (the “2033 Notes”), $2,750,000,000 5.950% Senior Notes due 2036 (the “2036 Notes”), $1,000,000,000 6.100% Senior Notes due 2038 (the “2038 Notes”), $750,000,000 6.450% Senior Notes due 2046 (the “2046 Notes”), and $2,000,000,000 6.450% Senior Notes due 2056 (together with the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2038 Notes and |
SKADDEN, ARPS, SLATE, MEAGHER & FLOM (UK) LLP, A LIMITED LIABILITY PARTNERSHIP REGISTERED UNDER THE LAWS OF THE STATE OF DELAWARE, IS AUTHORISED AND REGULATED BY THE SOLICITORS REGULATION AUTHORITY UNDER REFERENCE NUMBER 80014.
A LIST OF THE FIRM’S PARTNERS IS OPEN TO INSPECTION AT THE ABOVE ADDRESS.
| the 2046 Notes, the “Notes”). The Notes are to be issued by the Issuers pursuant to a New York law governed indenture dated as of 1 March 2024 (the “Base Indenture”) between, among others, Aon North America, Inc. and Aon Global Holdings plc (“AGH” and, together with Aon North America, Inc., the “Issuers” and each an “Issuer”), The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), Aon Global Limited, a private limited company incorporated under the laws of England and Wales (“AGL” and, together with AGH, the “Companies” and each a “Company”), Aon plc and Aon Corporation, a Delaware corporation (together with AGL and Aon plc, the “Guarantors” and each, a “Guarantor”), as supplemented by the second indenture supplement dated as of 17 September 2026 (the “Second Indenture Supplement”) between, among others, the Issuers, the Guarantors and the Trustee, containing the guaranty obligations of the Guarantors in relation to the Notes (the “Guarantee”). |
| 2. | This opinion is delivered to you in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act. |
| 3. | For the purposes of delivering this opinion, we have examined the following documents: |
| (a) | a copy of the Registration Statement; |
| (b) | an executed copy of the Base Indenture; |
| (c) | an executed copy of the Second Indenture Supplement; |
| (d) | a copy of the prospectus dated 2 July 2026 (the “Base Prospectus”), which forms a part of and is included in the Registration Statement; |
| (e) | a copy of the preliminary prospectus supplement dated 11 September 2026 relating to the offering of the Notes (together with the Base Prospectus, the “Preliminary Prospectus”); |
| (f) | a copy of the Prospectus Supplement dated 14 September 2026 (together with the Preliminary Prospectus, the “Prospectus”); |
| (g) | copies of the global certificates evidencing the Notes, executed by the Issuers and registered in the name of Cede & Co., delivered by the Issuers to the Trustee for authentication and delivery; |
| (h) | a certificate of a director or secretary of AGH (the “AGH Certificate”) and a certificate of a director or secretary of AGL (the “AGL Certificate” and, together with the AGH Certificate, the “Certificates”) dated the date of this opinion and the documents annexed thereto; |
| (i) | a copy of AGH’s Articles of Association, as adopted by a special resolution passed on 31 December 2024, in the form attached to the AGH Certificate; |
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| (j) | a copy of AGH’s certificate of incorporation dated 16 September 2014, issued by the Registrar of Companies of England and Wales, together with a copy of AGH’s certificate of incorporation on re-registration of a private limited company as a public limited company dated 29 April 2020, each in the form attached to the AGH Certificate; |
| (k) | a copy of the resolutions duly adopted by the board of directors of AGH on 11 September 2026, in the form attached to the AGH Certificate; |
| (l) | a copy of AGL’s Articles of Association, as adopted by a special resolution passed on 14 October 2021, in the form attached to the AGL Certificate; |
| (m) | a copy of AGL’s certificate of incorporation dated 8 December 2011, issued by the Registrar of Companies of England and Wales, together with a copy of AGL’s certificate of incorporation on re-registration as a public limited company dated 30 March 2012 and a copy of AGL’s certificate of incorporation on re-registration as a private limited company dated 15 July 2020, each in the form attached to the AGL Certificate; and |
| (n) | a copy of the resolutions duly adopted by the board of directors of AGL on 11 September 2026, in the form attached to the AGL Certificate, |
(together, the “Documents”) and such other documents, and made such searches and considered such facts, as we consider appropriate for the purpose of this opinion. The documents listed at paragraphs (c) and (g) above are referred to in this opinion as the “Transaction Documents”. We express no opinion as to any agreement, instrument or document other than the Transaction Documents and then only as expressly specified in this opinion.
| 4. | This opinion is limited to English law as currently applied by the English courts and is given on the basis that it will be governed by and construed in accordance with English law in force on the date of this opinion. Accordingly, we express no opinion with regard to any other system of law. In particular, we express no opinion as to whether English law is consistent with the laws of the European Union, to the extent relevant on the date of this opinion. To the extent that the laws of any other jurisdiction (or the laws of the European Union) may be relevant, we express no opinion as to such laws, we have made no investigation thereof and our opinion is subject to the effect of such laws. It should be understood that we have not been responsible for investigating or verifying the accuracy of any facts or the reasonableness of any statement of opinion or intention contained in or relevant to any Document. |
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Assumptions
| 5. | In considering the Documents and for the purpose of rendering this opinion we have with your consent assumed without investigation or verification: |
| (a) | the genuineness of all signatures (including electronic signatures) on, and the authenticity and completeness of, all documents submitted to us, the conformity to original documents of all documents submitted to us as certified, electronic, photostatic or facsimile copies and the authenticity of the originals of such latter documents and that all documents have been duly delivered; |
| (b) | that, where a person has signed the Transaction Documents using DocuSign (or any other electronic signature technology), the digital record confirms that the Transaction Documents have been duly signed by such person; |
| (c) | that the copy of each executed Transaction Document presented to us is an accurate copy of the Transaction Document in the form it existed when it was executed; |
| (d) | that there is no agreement or arrangement which modifies, supersedes or is inconsistent with any Transaction Document; |
| (e) | that each of the statements contained in the Certificates is true and correct as at the date of this opinion; |
| (f) | that each of the parties to the Transaction Documents (other than the Companies, in respect of the laws of England, as to which we express our opinion in paragraphs 6(a) and 6(b) below) is duly incorporated and validly existing and has all corporate and other power and capacity to enter into and perform all of its obligations thereunder and has taken all requisite action to execute (and, where applicable, to deliver) the Transaction Documents; |
| (g) | that the Transaction Documents constitute valid and binding obligations of each of the parties thereto enforceable under all applicable laws; |
| (h) | that all consents, approvals, notices, filings, recordations, orders, authorisations, publications and registrations which are necessary under any applicable laws or regulations in order to permit the execution, delivery, performance or enforceability of the relevant Transaction Document have been duly made or obtained within the period permitted by such laws or regulations; |
| (i) | that the Transaction Documents have been entered into for bona fide commercial reasons and on arm’s length terms by each of the parties thereto, the Transaction Documents have not been entered into as a result of misrepresentation, mistake, duress or unlawful activity, and there has been no fraud inducing any party to enter into any Transaction Document on the terms set out therein; |
| (j) | the performance of any obligations under the Transaction Documents that either fall to be performed outside England or that are impacted by applicable local law, is not contrary to applicable local law and there is no local legal requirement that the performance of such obligations by that party needs to be governed by local law; |
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| (k) | that the information revealed by our searches and enquiries of the public documents relating to each Company kept at Companies House in Cardiff, including an online search in respect of each Company on the Companies House Service, and our oral enquiry of the Central Registry of Winding up Petitions referred to in paragraph 6(a) below was accurate in all respects and has not since the time of such searches or enquiries been altered; |
| (l) | that each of the parties to the Transaction Documents has complied, and will comply, with all applicable provisions of Regulation (EU) No. 596/2014 of the European Parliament and of Council of 16 April 2014 on market abuse, including as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (the “Market Abuse Regulation”), Commission Delegated Directive (EU) 2017/593 of 7 April 2016 of the European Parliament (the “EU Product Governance Rules”), the Financial Conduct Authority Handbook Product Intervention and Product Governance Sourcebook (the “UK Product Governance Rules”), the Financial Services Act 2012, as amended (the “FS Act”) and the Financial Services and Markets Act 2000, as amended (the “FSMA”) (including, without limitation, Sections 19 and 21) and any rules or orders made thereunder with respect to anything done by any of them in relation to the Notes in, from or otherwise involving the United Kingdom; |
| (m) | that any party to the Transaction Documents which is subject to the supervision of any regulatory authority in the United Kingdom has complied and will comply with the requirements of such regulatory authority in connection with the offering and sale of the Notes; |
| (n) | that the Notes have not been and will not be offered to the public in the United Kingdom except in accordance with one or more exceptions from the prohibition on offers of relevant securities set out in The Public Offers and Admissions to Trading Regulations 2024 (as amended) (the “POATRs”); |
| (o) | that no application will be made to the Financial Conduct Authority (the “FCA”) for the Notes to be admitted to the Official List of the FCA or to trading on a regulated market or a primary multilateral trading facility in the United Kingdom, and no prospectus will be published in accordance with the Prospectus Rules: Admission to Trading on a Regulated Market; and |
| (p) | that any limit on borrowings (or similar limits) to which each Company is subject has not been exceeded, and that the entry into the Transaction Documents will not cause any such limit on borrowings (or similar limits) to be exceeded. |
5
Opinion
| 6. | On the basis of the assumptions set out above and subject to the qualifications set forth below and any matters not disclosed to us and having regard to such considerations of English law as we consider relevant, we are of the opinion that: |
| (a) | each Company has been incorporated and registered in England and Wales and: |
| (i) | our enquiry on 16 September 2026 of the public documents relating to each Company kept at Companies House in Cardiff, including an online search in respect of each Company on the Companies House Service, revealed no order or resolution for the winding up of any Company and no notice of appointment in respect of any Company of a liquidator, receiver, administrative receiver or administrator; and |
| (ii) | the Central Registry of Winding up Petitions has confirmed in response to our oral enquiry made on 16 September 2026 that no petition for the winding up of any Company has been presented within the period of six months covered by such enquiry; and |
| (b) | each Company has the requisite legal authority to enter into and perform its respective obligations under the Transaction Documents to which it is a party, the execution of the Transaction Documents to which it is a party has been duly authorised by all necessary corporate action on the part of each Company, and the Transaction Documents have been duly executed by each Company party thereto which execution does not and will not result in any violation by any Company of any term of its Memorandum or Articles of Association (in each case as appended to the Certificates) or of any law or regulation having the force of law in England and applicable to companies generally. |
Qualifications
| 7. | The opinions set forth above are subject to the following qualifications: |
| (a) | this opinion is subject to and enforcement may be limited by all applicable laws relating to bankruptcy, insolvency, administration, liquidation, reorganisation, moratorium or any analogous procedure and other laws of general application relating to or affecting the rights of creditors; |
| (b) | the searches and enquiries of the public documents relating to each Company kept at Companies House in Cardiff, including an online search in respect of each Company on the Companies House Service, and our oral enquiry of the Central Registry of Winding up Petitions referred to in paragraph 6(a) above are not conclusively capable of revealing whether or not: |
| (i) | a winding up petition has been received or a winding up order has been made or a resolution passed for the winding up of any Company; or |
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| (ii) | an administration order has been made in relation to any Company; or |
| (iii) | a receiver, administrative receiver, administrator or liquidator has been appointed in relation to any Company, |
as notice of these matters may not be filed with the Registrar of Companies immediately and, when filed, may not be entered on the public file of the relevant Company immediately. Those searches and enquiries are not capable of revealing, prior to the making of the relevant order, whether or not a winding up petition or a petition for an administration order has been presented nor would they reveal if insolvency proceedings have begun elsewhere;
| (c) | we express no opinion as to taxation matters; and |
| (d) | we express no opinion as to whether the Registration Statement or the Prospectus Supplement contains all the information required by applicable law and/or regulation. |
| 8. | We hereby consent to the reference to our firm under the heading “Legal Matters” in the Preliminary Prospectus and the Prospectus. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the General Rules and Regulations under the Securities Act. We also hereby consent to the filing of this opinion with the Commission as an exhibit to Aon plc’s Current Report on Form 8-K being filed on the date hereof and incorporated by reference into the Registration Statement. This opinion is expressed as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws. |
| Yours faithfully, |
| /s/ Skadden, Arps, Slate, Meagher & Flom (UK) LLP |
7
Exhibit 5.3
| Aon plc 15 George’s Quay Dublin 2 Ireland D02 VR98 |
||
| Our ref FBO/LMcB 659500-70 |
17 September 2026 | |
Dear Addressee
Aon North America, Inc. and Aon Global Holdings plc Senior Notes Offering
| 1 | Introduction |
We act as legal advisers to Aon plc, a public limited company incorporated under the laws of Ireland with company number 604607 (the “Company”), which has asked us to give this Opinion as to certain matters of Irish law in connection with the filing by the Company, Aon North America, Inc., a Delaware corporation (“ANA”), Aon Global Holdings plc, a public limited company incorporated under the laws of England and Wales (“AGH”, and together with ANA, the “Issuers”), Aon Corporation, a Delaware corporation and Aon Global Limited, a private limited company incorporated under the laws of England and Wales (“AGL”, and together with the Company and Aon Corporation, the “Guarantors”), on 14 September 2026, of a prospectus supplement (the “Prospectus Supplement”) to the base prospectus dated 2 July 2026 (the “Base Prospectus”) included in the shelf registration statement on Form S-3 filed by the Issuers and the Guarantors on 2 July 2026 (Registration Nos. 333-29255, 333-297255-01, 333-297255-02, 333-297255-03 and 333-297255-04) (the “Registration Statement”) with the U.S. Securities and Exchange Commission (the “Commission”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”).
The Prospectus Supplement relates to the offer and sale by the Issuers of US$2,000,000,000 aggregate principal amount of 5.350% Senior Notes due 2029 (the “2029 Notes”), US$3,000,000,000 aggregate principal amount of 5.625% Senior Notes due 2031 (the “2031 Notes”), US$2,000,000,000 aggregate principal amount of 5.800% Senior Notes due 2033 (the “2033 Notes”), US$2,750,000,000 aggregate principal amount of 5.950% Senior Notes due 2036 (the “2036 Notes”), US$1,000,000,000 aggregate principal amount of 6,100% Senior Notes due 2038 (the “2038 Notes”), US$750,000,000 aggregate principal amount of 6.450% Senior Notes due 2046 (the “2046 Notes”) and US$2,000,000,000 aggregate principal amount of 6.450% Senior Notes due 2056 (the “2056 Notes”, and together with the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2038 Notes and the 2046 Notes, the “Notes”).
The Notes are to be issued under the New York law governed base indenture dated 1 March 2024, filed with the Commission on 1 March 2024 as Exhibit 4.1 to the Company’s Current Report on Form 8-K, made among the Issuers, the Guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”) (the “Base Indenture”), as supplemented by the second indenture supplement dated the date hereof made among the Issuers, the Guarantors and the Trustee (the “Second Indenture Supplement”, and together with the Base Indenture, the “Indenture”). The Indenture provides that the Notes are to be guaranteed by the Guarantors (such guarantee obligations, being the “Guarantees”).
The Notes are to be sold pursuant to a New York law governed underwriting agreement dated 14 September 2026 made among the Issuers, the Guarantors and Citigroup Global Markets Inc., BofA Securities, Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein (the “Underwriting Agreement”).
| 2 | Basis of Opinion |
For the purpose of giving this Opinion, we have examined the documents and have conducted the searches listed in Schedule 1 (Documents and Searches) to this Opinion, together with such other materials as we have considered necessary or relevant as a basis for the opinions contained herein.
This Opinion is strictly limited to the matters expressly stated under Section 3 (Opinions), below, and is not to be read as extending, by implication or otherwise, to any other matter. In particular, this Opinion does not deal with any tax matter or the tax consequences of any matter referred to in this Opinion, in the documents or other materials examined by us for the purpose of giving this Opinion, or otherwise.
We express no opinion and make no representation or warranty as to any matter of fact. We have not investigated or verified any of the facts or assumptions, or the reasonableness of any assumptions, statements or opinions contained or represented by any person in the documents or other materials examined by us for the purposes of giving this Opinion, nor have we attempted to determine if any relevant facts have been omitted from such documents or materials.
This Opinion is given with respect to the laws of Ireland in effect on the date hereof and is based on legislation published and cases fully reported before that date and our knowledge of the facts relevant to the opinions contained herein. For the avoidance of doubt, Ireland does not include Northern Ireland (which is a separate jurisdiction), and references to the laws of Ireland do not include the laws in force in Northern Ireland.
We have made no investigations of, and we express no opinion on, the laws of any jurisdiction other than Ireland, or the effect thereof. In particular, we have made no investigations of any reference to non-Irish laws in any document or other materials examined by us or the meaning or effect thereof, and any phrases used in any non-Irish law governed document examined by us have been construed by us as having the meaning and effect they would have if such document was governed by Irish law. We have assumed, without enquiry, that there is nothing in the laws of any jurisdiction other than Ireland which would, or might, affect the opinions contained herein, and that, insofar as the laws of any jurisdiction other than Ireland are relevant, such laws have been, or will be, complied with.
This Opinion is expressed as of the date hereof and we assume no obligation to update the opinions contained herein.
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| 3 | Opinions |
Based upon, and subject to, the foregoing and the assumptions, qualifications and limitations set out in Schedule 2 (Assumptions), Schedule 3 (Qualifications) and elsewhere in this Opinion, we are of the following opinions:
| (a) | The Company is a public limited company, duly incorporated and validly existing under the laws of Ireland. |
| (b) | The Company has the requisite corporate power under its constitution to enter into the Indenture and to perform its obligations thereunder (including the Guarantees), and the Company has taken all necessary corporate action required of it to authorise the Company’s entry into the Indenture and to give the Guarantees thereunder. |
| (c) | The Guarantees would be recognised by the courts of Ireland as its legal, valid and binding obligations under the laws of Ireland, to the extent such laws apply thereto. |
| 4 | Reliance |
This Opinion is furnished to you and the persons entitled to rely upon it pursuant to the applicable provisions of the Securities Act strictly for use in connection with the Registration Statement and may not be relied upon by any other person without our prior written consent.
| 5 | Consent |
We hereby consent to the filing of this Opinion as Exhibit 5.3 to the Current Report on Form 8-K relating to the Notes, to be filed by the Company on the date hereof and to the references to Matheson LLP under the caption “Legal Matters” in the Prospectus Supplement forming part of the Registration Statement. In giving such consent, we do not admit that we are included in the category of persons whose consent is required under section 7 of the Securities Act, or the rules and regulations of the Commission promulgated thereunder.
| 6 | Governing Law |
This Opinion and the opinions contained herein are governed by, and shall be construed in accordance with, the laws of Ireland.
Yours faithfully
/s/ Matheson LLP
MATHESON LLP
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Schedule 1
Documents and Searches
For the purpose of giving this Opinion, we have examined the documents and have conducted the searches listed below.
| 1. | The Registration Statement, as filed with the Commission on 2 July 2026. |
| 2. | The Base Prospectus, which is included in the Registration Statement. |
| 3. | The preliminary prospectus supplement dated 11 September 2026 relating to the offering of the Notes, as filed with the Commission on 11 September 2026 (together with the Base Prospectus, the “Preliminary Prospectus”). |
| 4. | The Prospectus Supplement, as filed with the Commission on 15 September 2026 (together with the Base Prospectus, the “Prospectus”). |
| 5. | An executed .pdf copy of the Base Indenture, as filed with the Commission on 1 March 2024 as Exhibit 4.1 to the Company’s Current Report on Form 8-K. |
| 6. | A .pdf. copy of the executed Second Supplemental Indenture. |
| 7. | A .pdf copy of the executed Underwriting Agreement. |
| 8. | A certificate issued by the secretary of the Company dated the date of this Opinion (the “Corporate Certificate”): |
| (a) | attaching a copy of each of the following documents certified as being true, complete and correct by the secretary: |
| (i) | the Company’s certificate of incorporation dated 23 May 2017, certificate of incorporation on change of name dated 5 November 2019 and certificate of incorporation on re-registration as a public limited company 18 March 2020 (the “Certificates of Incorporation”); |
| (ii) | the memorandum of association of the Company adopted on 31 March 2020 (the “Memorandum of Association”) and the articles of association of the Company as amended on 2 June 2021 (the “Articles of Association”, and together with the Certificates of Incorporation and the Memorandum of Association, the “Constitutional Documents”); |
| (iii) | an extract from the minutes of a meeting of the board of directors of the Company held on 16 February 2024, at which the directors resolved, among other matters, to approve the entry by the Company into the Base Indenture (the “Board Minutes Extract”); and |
| (iv) | written resolutions of all the directors of the Company passed on 30 August 2026, at which the directors resolved, among other matters, to approve the entry by the Company into the Second Indenture Supplement and to give the Guarantees thereunder (the “Written Board Resolutions”); and |
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| (b) | certifying certain other matters, as set out therein, on which we have relied for the purpose of this Opinion. |
| 9. | Searches carried out by independent law researchers on our behalf against the Company on the date of this Opinion: (a) in the Register of Winding-up Petitions maintained at the Central Office of the High Court of Ireland (the “Register of Winding-up Petitions”), (b) in the Judgments’ Office of the High Court of Ireland and (c) on the file of the Company maintained by the Registrar of Companies at the Irish Companies Registration Office (the “Companies Registration Office”) (together the “Searches”). |
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Schedule 2
Assumptions
The opinions contained herein are given on the basis of the assumptions set out in this Schedule.
| 1 | Documents |
| 1.1 | Genuine Signatures |
All signatures (including, for the avoidance of doubt, electronic signatures), initials, seals and stamps contained in, or on, any document examined by us are genuine.
| 1.2 | Authentic and Complete |
All documents provided to us as originals are authentic and complete and all documents provided to us as copies (including, without limitation, any document provided to us as a .pdf (or any other format) attachment to an email) are complete and conform to the originals of such documents, and the originals of such documents are authentic and complete with all requisite seals and stamps affixed.
| 1.3 | True and Accurate |
The contents of the documents (including the Corporate Certificate) and any other materials examined by us for the purposes of this Opinion are true and accurate as to factual matters, but we have made no independent investigation regarding such factual matters.
| 1.4 | No Revocation or Amendment |
All documents dated on, or prior to, the date hereof and on which we have expressed reliance have not been revoked or amended and remain accurate.
| 1.5 | Natural Persons |
Each natural person who has executed any document examined by us for the purposes of this Opinion had the due personal legal capacity to do so.
| 1.6 | Electronic Signatures |
Any electronic signature inserted on a document was inserted by the signatory in question and not by another person and where attested by a witness was inserted in the physical presence of the witness. Each party to any document which has been executed using electronic signatures has consented to the execution of that document by way of electronic signature.
| 1.7 | Delivery |
The Indenture has been unconditionally delivered by the parties thereto (including the Company) and is not subject to any escrow or similar arrangement.
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| 2 | Corporate Authority |
| 2.1 | Constitutional Documents |
There have been no amendments to the Constitutional Documents or the other attachments to the Corporate Certificate.
| 2.2 | Board Approvals |
The resolutions documented in the Board Resolutions’ Extract were passed at a properly convened, constituted and quorate meeting of the board of directors of the Company, and such resolutions have not, since their date of adoption, been amended, superseded or rescinded and are in full force and effect. The Written Board Resolutions have not, since their date of adoption, been amended, superseded or rescinded, and are in full force and effect.
| 2.3 | Corporate Benefit |
The Company has derived, or will derive, a commercial benefit from entering into the Indenture and any other document referred to in, or contemplated by, the Preliminary Prospectus and the Prospectus (including the Underwriting Agreement) and giving the Guarantees, in each case commensurate with the obligations undertaken by it thereunder.
| 2.4 | Good Faith, Best Interests of the Company and Purpose |
In approving the entry into the Indenture and any other document referred to in, or contemplated by, the Indenture, the Preliminary Prospectus or the Prospectus (including the Underwriting Agreement) and giving the Guarantees, the directors of the Company have acted, or will act, in good faith in the interests of the Company for the benefit of its members as a whole and for its legitimate business purposes.
| 2.5 | Disclosure of Interests |
In approving the entry into the Indenture and any other document referred to in, or contemplated by, the Indenture, the Preliminary Prospectus and the Prospectus (including the Underwriting Agreement) and giving the Guarantees, each director of the Company has disclosed any interest which he or she may have in the relevant transactions in accordance with the provisions of the Companies Act 2014 of Ireland, as amended (the “Companies Act”) and the Company’s constitution.
| 2.6 | Disqualification or Restriction |
No director or secretary of the Company is the subject of any declaration, order or deemed order for disqualification or restriction under the Companies Act, including Chapters 3 and 4 of Part 14 thereof, and no such person has received any notice under the Companies Act regarding a disqualification or restriction undertaking.
| 2.7 | Group |
The Company together with any other entity whose obligations are guaranteed by it under the Indenture together comprise a “group” for the purposes of section 243 of the Companies Act, and any person that subsequently becomes an issuer or a guarantor under the Indenture will also be a member of such group.
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| 2.8 | Financial Assistance |
The Company will not, by virtue of entering into the Indenture and any other document referred to in, or contemplated by, the Indenture, Preliminary Prospectus and the Prospectus (including the Underwriting Agreement) and giving the Guarantees, give any financial assistance (as contemplated by sections 82 and 1043 of the Companies Act) for the purpose of the acquisition of any shares in the capital of the Company, save as permitted by, or pursuant to an exemption from the application of, the said sections 82 and 1043.
| 3 | Parties Other than the Company |
Each person expressed to be a party to the Indenture (other than the Company):
| (a) | is duly incorporated and validly existing; |
| (b) | is not the subject of any insolvency proceedings (which includes those relating to bankruptcy, liquidation, examinership, rescue process, administration, receivership and reorganisation) in any jurisdiction; |
| (c) | has (or, in the case of the Base Indenture, continues to have) the due and requisite capacity to enter into the Indenture and to perform the obligations it is expressed to assume under it; |
| (d) | has taken all necessary corporate action to authorise it to execute the Indenture and to perform the obligations it is expressed to assume under it; |
| (e) | has complied with and will comply with all the laws and regulations applicable to the transactions contemplated by the Indenture in any jurisdiction; and |
| (f) | has duly executed the Indenture. |
| 4 | Searches |
The information disclosed by the Searches was accurate and complete as of the date the Searches were made and has not been altered. The Searches did not fail to disclose any information which had been delivered for registration but which did not appear from the information available at the time the Searches were made or which ought to have been delivered for registration at that time but had not been so delivered. No additional matters would have been disclosed by additional searches being carried out since that time.
| 5 | Solvency of the Company |
| 5.1 | Solvent |
The Company was solvent immediately following the execution of the Second Indenture Supplement.
| 5.2 | Not Insolvent |
The Company will not be insolvent as a consequence of: (a) executing and delivering the Second Indenture Supplement, (b) giving the Guarantees and / or (c) doing any other act or thing referred to in, or contemplated by, the Indenture, the Preliminary Prospectus or the Prospectus(including the Underwriting Agreement).
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| 5.3 | No Receiver |
No receiver has been appointed in relation to the Company or any of its assets or undertaking.
| 5.4 | No Winding-up / Court Protection |
The Company has not passed a voluntary winding-up resolution or a resolution to place the Company under court protection or to appoint a process adviser, and no petition has been presented to, or order made by, a court for the winding-up of the Company or to place the Company under court protection or for the appointment of a process adviser.
| 5.5 | No Unfair Preference |
In approving the giving of the Guarantees, there was no intent by the Company to give a creditor a preference which could be deemed an unfair preference in accordance with section 604 of the Companies Act.
| 6 | Laws of Other Jurisdictions |
| 6.1 | Legal, Valid and Binding |
The obligations expressed to be assumed by each party to the Indenture constitute legal, valid, binding and enforceable obligations under all applicable laws and in all applicable jurisdictions (other than, in the case of the Company, the laws of Ireland and the jurisdiction of Ireland).
| 6.2 | Not Illegal or Ineffective |
If any obligation of any of the parties under the Indenture or any other document referred to in, or contemplated by, the Indenture, the Preliminary Prospectus or the Prospectus (including the Underwriting Agreement) is to be performed in any jurisdiction other than Ireland, its performance will not be illegal or ineffective by virtue of the law of that jurisdiction.
| 6.3 | Non-Contravention |
There are no provisions of the laws or public policy of any jurisdiction outside Ireland which would be contravened by the execution or performance of the Indenture or any other document referred to in, or contemplated by, the Indenture, the Preliminary Prospectus or the Prospectus (including the Underwriting Agreement) or which would render their performance ineffective by virtue of the laws of that jurisdiction.
| 7 | General |
| 7.1 | Offers of the Notes and Guarantees |
| (a) | All offers, marketing, sales, issuances, admissions to trading and / or listing of the Notes and the Guarantees will conform to the description thereof in the Preliminary Prospectus and the Prospectus. |
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| (b) | All authorisations, approvals, licences, exemptions or consents of governmental or regulatory authorities (other than, in the case of the Company, of Ireland) with respect to the offering, marketing, sale and / or issuance of the Notes and the Guarantees have been obtained and are in full force and effect, and the selling restrictions contained in the Preliminary Prospectus and the Prospectus have been and will, at all times, be observed. |
| (c) | The offering, marketing, sale, issuance, admission to trading and / or listing of the Notes and the Guarantees will be made, effected and conducted in accordance with and will not otherwise violate: (a) any applicable securities laws and regulations of any jurisdiction (including Ireland) which impose any restrictions or mandatory requirements in relation to the offering or sale of any securities to the public, including the obligation to prepare a prospectus or registration document relating to any securities and (b) any requirement or restriction imposed by any court, governmental body or regulatory authority (including of Ireland) having jurisdiction over the Company or the members of its group. |
| 7.2 | No Listing or Trading on a Market in the European Economic Area |
Neither the Notes nor the Guarantees will be listed or traded on a stock exchange or other market in the European Economic Area.
| 7.3 | Financial Restrictions and Sanctions |
The offering and sale of the Notes and the giving of the Guarantees and any transfers and payments to be made thereunder or in connection therewith are not, and will not be, affected or prohibited by any financial restrictions or sanctions imposed by the United Nations, the European Union or Ireland or which arise under any human rights, anti-terrorism, anti-corruption, anti-money laundering or exchange control laws and regulations of the European Union or Ireland, including, without limitation, any arising from orders made under the Financial Transfers Act 1992 of Ireland, the Criminal Justice (Terrorist Offences) Acts 2005 and 2015 of Ireland or the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021 of Ireland.
| 7.4 | No Bad Faith, Fraud, Coercion, Duress or Undue Influence |
There has been no bad faith, fraud, coercion, duress or undue influence on the part of any of the parties to any of the documents or other materials we have examined for the purpose of this Opinion (including the Company), or their respective directors, employees, agents and / or advisers.
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Schedule 3
Qualifications
The opinions contained herein are given subject to the qualifications set out in this Schedule.
| 1 | Searches |
There are some potential limitations to the effectiveness of the Searches. These include:
| (a) | A search in the Companies Registration Office will not reveal whether a petition has been presented to the Irish courts for the appointment of a liquidator or an examiner. |
| (b) | A search of the Register of Winding-up Petitions should reveal the existence of a petition for the appointment of a liquidator or an examiner but there may be a time lag between presentation and entry of particulars of the petition on the Register of Winding-up Petitions and accordingly a search of the Register of Winding-up Petitions may fail to reveal that any such petition has been presented. Furthermore, in the case of certain smaller companies a petition for the appointment of an examiner may be presented to the Circuit Court and a search of the Register of Winding-up Petitions will not reveal the existence of such a petition. |
| (c) | A search in the Companies Registration Office should reveal the appointment of a liquidator, examiner, process adviser or receiver (whether by the Irish courts or, in the case of a liquidator, process adviser or a receiver, out of court). However, similarly there may be a time lag between the appointment and the filing of particulars of the appointment and accordingly a search in the Companies Registration Office may fail to reveal any such appointment. |
| 2 | Legal, Valid and Binding |
The expressions “legal”, “valid” and “binding” and any combination or variations thereof when used in Section 3 (Opinions), mean that the obligations expressed to be assumed under an agreement are of a type which the courts of Ireland will treat as valid, binding and enforceable. It does not mean that these obligations will necessarily be enforced in all circumstances in accordance with their terms. In particular, enforcement of obligations under an agreement may be:
| (a) | limited by general principles of equity, in particular, equitable remedies (such as an order for specific performance or an injunction) which are discretionary and are not available where damages are considered to be an adequate remedy; |
| (b) | subject to any limitations arising from examinership, administration, bankruptcy, insolvency, moratoria, receivership, liquidation, reorganisation, court scheme of arrangement, arrangement and similar laws affecting the rights of creditors; |
| (c) | limited by the provisions of the law of Ireland applicable to contracts held to have been frustrated by events happening after their execution; |
| (d) | invalidated if and to the extent that performance or observance arising in a jurisdiction outside Ireland would be unlawful, unenforceable, or contrary to public policy or to the exchange control regulations under the law of such jurisdiction; |
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| (e) | invalidated by reason of fraud; and / or |
| (f) | barred under the Statutes of Limitations or may be or become subject to the defence of set-off or counterclaim. |
| 3 | Court Protection |
| 3.1 | Examiner |
The Companies Act prohibits certain steps being taken, except with the leave of the High Court, against a company after the presentation of a petition for the appointment of an examiner. This prohibition continues for so long as the examiner remains appointed. An examiner may remain appointed for a maximum period of one hundred days during which time the examiner must complete a report to formulate proposals for a compromise or scheme of arrangement in relation to the company concerned. Following the submission of this report to the High Court, the High Court may extend the period of appointment by such further period as the High Court considers necessary to enable it to take a decision as to whether it confirms the proposals set forth by the examiner. Prohibited steps include steps taken to withhold performance of, terminate or accelerate any executory contract solely by reason of the making of a petition to appoint, or the appointment of, an examiner or because the company is unable to pay its debts, steps taken to enforce any security over the company’s property, the commencement or continuation of proceedings or execution or other legal process or the levying of distress against the company or its property and the appointment of a receiver.
| 3.2 | Examiner—Circuit Court |
Under the provisions of the Companies Act, an examiner can also be appointed on a petition to the Circuit Court, if certain criteria are met. It is not possible for anyone other than a party to the relevant proceedings or the solicitors on record for such parties to inspect the Circuit Court files to ascertain whether a petition for the appointment of an examiner has been made in the Circuit Court, and we have made no searches or enquiries in this regard in respect of the Company.
| 4 | Default Interest and Indemnities |
| 4.1 | Penalties |
A contractual provision conferring or imposing a remedy or an obligation consequent upon default may not be enforceable if it were construed by an Irish court as being a penalty, particularly if it involved enforcing an additional pecuniary remedy (such as a default or overdue interest) referable to such default and which does not constitute a genuine and reasonable pre-estimate of the damage likely to be suffered as a result of the default in payment of the amount in question or the termination in question; further, recovery may be limited by laws requiring mitigation of loss suffered.
| 4.2 | Costs’ Indemnity |
An Irish court may not give effect to an indemnity given by any party in an agreement or other document to the extent it is in respect of legal costs incurred by an unsuccessful litigant or to the extent that it is in respect of litigation costs which are not awarded by the court.
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| 4.3 | Currency Indemnity |
In the event of any proceedings being brought in an Irish court in respect of a monetary obligation expressed to be payable in a currency other than euro an Irish court would have the power to give a judgment to pay a currency other than euro, it may decline to do so in its discretion and an Irish court might not enforce the benefit of currency conversion or indemnity clauses and, with respect to a bankruptcy, liquidation, insolvency, reorganisation or similar proceeding, the law of Ireland may require that all claims or debts are converted into euro at an exchange rate determined by the court as at a date related thereto, such as the date of commencement of a winding up.
| 5 | General |
| 5.1 | Determination may not be Conclusive |
A determination or calculation of any party to an agreement stated in that agreement to be conclusive may be held by the courts of Ireland not to be final, conclusive or binding.
| 5.2 | Exclusion from Liability |
The effect of terms, if any, in an agreement excusing a party from a liability or duty otherwise owed are limited by law.
| 5.3 | Exercise of Discretion |
Where a party is vested with a discretion or may determine a matter in his or its opinion, the laws of Ireland may require that such discretion is exercised reasonably or that such opinion is based upon reasonable grounds.
| 5.4 | Amendment of Guaranteed Obligations |
The courts of Ireland may interpret restrictively any provision purporting to allow the beneficiary of a guarantee or other suretyship to make a material amendment to the obligations to which the guarantee or suretyship relates without further reference to the guarantor or surety.
| 5.5 | Severability |
The enforceability of any provision as to severability may be determined by the courts of Ireland at its discretion.
| 5.6 | Powers of Attorney |
No opinion is expressed on the irrevocability of any power of attorney.
| 5.7 | Future Agreement and Uncertain Terms |
An Irish court may not give effect to any provision of an agreement which: (a) provides for a matter to be determined by future agreement or negotiation, or (b) it considers to be devoid of any meaning, vague or uncertain.
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| 5.8 | Set-Off |
A right of set-off provided for in a contract or another document may not be enforceable in all circumstances.
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