Aon to Redeem 3 1/2% Senior Convertible Debentures Due 2012
04 Ottobre 2007 - 10:03PM
PR Newswire (US)
CHICAGO, Oct. 4 /PRNewswire-FirstCall/ -- Aon Corporation
(NYSE:AOC) announced today that it will redeem on Monday, November
19, 2007 (Redemption Date), all of its outstanding 3 1/2% Senior
Convertible Debentures Due 2012 (Debentures) issued pursuant to the
Indenture dated as November 7, 2002, by and between Aon and The
Bank of New York, as Trustee (Indenture). In accordance with the
terms of the Indenture, Aon has requested that The Bank of New York
issue today a notice of redemption, in Aon's name, to the holders
of the Debentures. The redemption price for the Debentures to be
paid upon presentation and surrender of the Debentures to The Bank
of New York in accordance with the terms of the Indenture will be
101.00% of the principal amount of the Debentures, together with
accrued and unpaid interest, including contingent interest, if any,
to, but excluding, the Redemption Date. On and after the Redemption
Date, interest on the Debentures will cease to accrue. As of
October 3, 2007, the aggregate principal amount of Debentures
outstanding was approximately $242.9 million. On or before the
close of business on Friday, November 16, 2007 (the business day
immediately preceding the Redemption Date), the holders may elect
to convert their Debentures into Aon common stock at a conversion
rate of 46.5658 shares of common stock for each $1,000 principal
amount of Debentures, subject to the terms and conditions set forth
in the Indenture and the Debentures. The conversion rate of 46.5658
shares of common stock for each $1,000 principal amount of
Debentures is equivalent to a conversion price of $21.4750 per
share. Debentures that are not converted on or before the close of
business on November 16, 2007, will no longer be convertible and
holders thereof shall only be entitled to the right to receive the
redemption price of their Debentures and accrued and unpaid
interest thereon to, but excluding, the Redemption Date. If all of
the outstanding Debentures are converted into Aon common stock,
11,310,180 shares of Aon common stock will be issued to the holders
of the Debentures. As stated in Aon's Annual Report on Form 10-K
for the year ended December 31, 2006, Aon has incorporated in its
calculation of diluted net income per share sufficient shares of
common stock to reflect the possible conversion of all of the
outstanding Debentures to comply with Emerging Issues Task Force
No. 04-8, The Effect of Contingently Convertible Instruments on
Diluted Earnings per Share. About Aon Aon Corporation
(http://www.aon.com/) is a leading provider of risk management
services, insurance and reinsurance brokerage, human capital and
management consulting, and specialty insurance underwriting. There
are 43,000 employees working in Aon's 500 offices in more than 120
countries. Backed by broad resources, industry knowledge and
technical expertise, Aon professionals help a wide range of clients
develop effective risk management and workforce productivity
solutions. Safe Harbor Statement This press release contains
certain statements related to future results, or states our
intentions, beliefs and expectations or predictions for the future
which are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from either historical or anticipated results depending on a
variety of factors. Potential factors that could impact results
include: general economic conditions in different countries in
which we do business around the world, changes in global equity and
fixed income markets that could affect the return on invested
assets, fluctuations in exchange and interest rates that could
influence revenue and expense, rating agency actions that could
affect our ability to borrow funds, funding of our various pension
plans, changes in the competitive environment, our ability to
implement restructuring initiatives and other initiatives intended
to yield cost savings, our ability to successfully execute
strategic options for our Combined Insurance subsidiary, the impact
of current, pending and future regulatory and legislative actions
that affect our ability to market and sell, and be reimbursed at
current levels for, our Sterling subsidiary's Medicare Advantage
health plans, changes in commercial property and casualty markets
and commercial premium rates that could impact revenues, changes in
revenues and earnings due to the elimination of contingent
commissions, other uncertainties surrounding a new compensation
model, the impact of investigations brought by state attorneys
general, state insurance regulators, federal prosecutors, and
federal regulators, the impact of class actions and individual
lawsuits including client class actions, securities class actions,
derivative actions, ERISA class actions, the impact of the analysis
of practices relating to stock options, the cost of resolution of
other contingent liabilities and loss contingencies, and the
difference in ultimate paid claims in our underwriting companies
from actuarial estimates. Further information concerning the
Company and its business, including factors that potentially could
materially affect the Company's financial results, is contained in
the Company's filings with the Securities and Exchange Commission.
Investor Contact: Scott Malchow Vice President, Investor Relations
312-381-3983 Media Contact: David Prosperi Vice President, Global
Public Relations 312-381-2485 DATASOURCE: Aon Corporation CONTACT:
media, David Prosperi, Vice President, Global Public Relations,
+1-312-381-2485, or Scott Malchow, Vice President, Investor
Relations, +1-312-381-3983, both of Aon Corporation Web site:
http://www.aon.com/
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