Standard & Poor’s Ratings Services assigned its ‘A-‘ rating to Aon Corp.’s $225 million 144a senior notes offering scheduled to mature in 2012.
“The proceeds of the offering are expected to be used to refinance selective existing debt obligations,” said S&P’s credit analyst Matthew Coyle. “As a result, the transaction is not expected to change Aon’s financial leverage, which is expected to be about 40 percent at year-end 2002.”
Included in this estimate is close to $900 million of proceeds from the sale of common equity and private convertible debt instruments in the fourth quarter and an estimated $450 million-$550 million charge to shareholders equity for unfunded pension liabilities. S&P’s believes the action provides the company with a more manageable debt maturity structure.
Topics Aon
Was this article valuable?
Here are more articles you may enjoy.
Former Virginia Insurance Agent Pleads Guilty to Fraud 
Lawsuit Alleges TWIA Fraudulently Reduced Claim Estimates From Hurricane Beryl 
Four Patients Affected, One Paralyzed, After Drug Mix-Up at Nashville Hospital 
General Contractor Found Not Liable for Subcontractor Employee’s Injury 
