<SEC-DOCUMENT>0001193125-23-046684.txt : 20230223
<SEC-HEADER>0001193125-23-046684.hdr.sgml : 20230223
<ACCEPTANCE-DATETIME>20230223164354
ACCESSION NUMBER:		0001193125-23-046684
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230223
DATE AS OF CHANGE:		20230223

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Aon plc
		CENTRAL INDEX KEY:			0000315293
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE AGENTS BROKERS & SERVICES [6411]
		IRS NUMBER:				981539969
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-238189
		FILM NUMBER:		23660418

	BUSINESS ADDRESS:	
		STREET 1:		METROPOLITAN BUILDING
		STREET 2:		JAMES JOYCE STREET
		CITY:			DUBLIN 1
		STATE:			L2
		ZIP:			D01 K0Y8
		BUSINESS PHONE:		35312666000

	MAIL ADDRESS:	
		STREET 1:		METROPOLITAN BUILDING
		STREET 2:		JAMES JOYCE STREET
		CITY:			DUBLIN 1
		STATE:			L2
		ZIP:			D01 K0Y8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AON CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMBINED INTERNATIONAL CORP
		DATE OF NAME CHANGE:	19870504

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Aon plc
		CENTRAL INDEX KEY:			0000315293
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE AGENTS BROKERS & SERVICES [6411]
		IRS NUMBER:				981539969
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		METROPOLITAN BUILDING
		STREET 2:		JAMES JOYCE STREET
		CITY:			DUBLIN 1
		STATE:			L2
		ZIP:			D01 K0Y8
		BUSINESS PHONE:		35312666000

	MAIL ADDRESS:	
		STREET 1:		METROPOLITAN BUILDING
		STREET 2:		JAMES JOYCE STREET
		CITY:			DUBLIN 1
		STATE:			L2
		ZIP:			D01 K0Y8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AON CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMBINED INTERNATIONAL CORP
		DATE OF NAME CHANGE:	19870504
</SEC-HEADER>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Filed pursuant to Rule 433 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Relating to Preliminary Prospectus Supplement dated February&nbsp;23, 2023 to </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Prospectus dated May&nbsp;12, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Registration Statement Nos. <FONT STYLE="white-space:nowrap">333-238189,</FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-238189-01,</FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-238189-02</FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">333-238189-03</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aon Corporation and Aon Global Holdings plc </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$750,000,000 5.350% SENIOR NOTES DUE 2033 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(the &#147;Notes&#148;) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PRICING TERM SHEET </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Terms Applicable to the Notes </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top"><B>Issuers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Aon Corporation and Aon Global Holdings plc</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="5" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Guarantors:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Aon plc and Aon Global Limited</TD></TR>
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<TD HEIGHT="5" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Offering Format:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SEC Registered</TD></TR>
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<TD HEIGHT="5" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Expected Ratings*:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moody&#146;s Investors Service: Baa2</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Standard&nbsp;&amp; Poor&#146;s: <FONT STYLE="white-space:nowrap">A-</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fitch: BBB+</P></TD></TR>
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<TD VALIGN="top"><B>Ranking:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Senior Unsecured</TD></TR>
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<TD HEIGHT="5" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">February&nbsp;23, 2023</TD></TR>
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<TD VALIGN="top"><B>Settlement Date (T+3)**:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">February&nbsp;28, 2023</TD></TR>
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<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Denominations:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$2,000 and multiples of $1,000</TD></TR>
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<TD VALIGN="top"><B>Joint Book-Running Managers: </B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">BofA
Securities, Inc. </P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">HSBC Securities (USA) Inc.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Co-Managers:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ANZ Securities, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Aon Securities LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">nabSecurities, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">R. Seelaus&nbsp;&amp; Co., LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scotia Capital (USA) Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Wells Fargo Securities,
LLC</P></TD></TR>
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<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Principal Amount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$750,000,000</TD></TR>
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<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Maturity Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">February&nbsp;28, 2033</TD></TR>
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<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Reference Treasury:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">UST 3.500% due February&nbsp;15, 2033</TD></TR>
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<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Reference Treasury Price and Yield:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">96-27+;</FONT> 3.883%</TD></TR>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Reoffer Spread to Reference Treasury:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">+147 bps</TD></TR>
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<TD HEIGHT="5"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Re-offer</FONT> Yield:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.353%</TD></TR>
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<TD VALIGN="top"><B>Coupon:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.350%</TD></TR>
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<TD HEIGHT="5" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Interest Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Semi-annually in arrears on February&nbsp;28 and August&nbsp;28, beginning on August&nbsp;28, 2023</TD></TR></TABLE>
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<TD VALIGN="top"><B>Price to Public:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">99.977%</TD></TR>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Proceeds to Issuers (before deducting our offering expenses and underwriting discount):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$749,827,500 for the Notes</TD></TR>
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<TD VALIGN="top"><B>CUSIP / ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">03740L AG7 / US03740LAG77</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prior to November&nbsp;28, 2032 (three months prior to the maturity date) (the &#147;Par Call Date&#148;), the Issuers may redeem the
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:</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) (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 Par Call Date) on a semi-annual basis (assuming a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve <FONT
STYLE="white-space:nowrap">30-day</FONT> months) at the Treasury Rate (as defined under &#147;Description of the Securities&#151;Optional Redemption&#148;), plus 25 basis points (0.250%) less (b)&nbsp;interest accrued to the date of redemption,
and</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) 100% of the principal amount of the Notes being redeemed,</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Plus accrued and unpaid interest on the principal amount of the Notes being redeemed to
the redemption date.100% of the principal amount of the Notes being redeemed,</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On or
after the Par Call Date, the Issuers may redeem the 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.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">See &#147;Description of the Securities&#151;Optional
Redemption&#148; and &#147;Description of the Securities&#151;Optional Tax Redemption&#148; in the preliminary prospectus supplement for more information.</P></TD></TR>
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<TD VALIGN="top"><B>Conflicts of Interest:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Aon Securities LLC is an indirect wholly owned subsidiary of Aon Corporation. This offering is subject to, and will be conducted in compliance with, the requirements of Rule 5121 of the Financial Industry Regulatory Authority,
Inc. (&#147;FINRA&#148;) regarding a FINRA member firm distributing the securities of an affiliate.</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>*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. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>**Note: Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Securities
Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes offered
hereby on the date of pricing will be required, by virtue of the fact that such Notes initially will settle T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of these Notes who
wish to trade the Notes on the date of pricing should consult their own advisors </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The issuers and the guarantors have filed a
registration statement, including a prospectus, with 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 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 Morgan Stanley&nbsp;&amp; Co. LLC at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-718-1649;</FONT></FONT></FONT> BofA
Securities, Inc. at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-294-1322</FONT></FONT></FONT> or HSBC Securities (USA) Inc. at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-811-8049.</FONT></FONT></FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>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
<FONT STYLE="white-space:nowrap">non-US</FONT> jurisdiction). Such disclaimers or other notices were automatically generated as a result of this communication having been sent via Bloomberg or another <FONT STYLE="white-space:nowrap">e-mail</FONT>
system. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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