Debt

The following is a summary of outstanding debt (in millions):



As of December 31	2014		2013
2.875% Senior Notes due May 2026	$	605	$	—
3.50% Senior Notes due September 2015	599		599
5.00% Senior Notes due September 2020	599		599
3.50% Senior Notes due June 2024	597		—
4.60% Senior Notes due June 2044	549		—
8.205% Junior Subordinated Notes due January 2027	521		521
3.125% Senior Notes due May 2016	500		500
4.00% Senior Notes due November 2023	349		349
4.76% Senior Notes due March 2018	322		352
6.25% Senior Notes due September 2040	298		298
4.45% Senior Notes due May 2043	248		248
4.25% Senior Notes due December 2042	196		195
6.25% Senior Notes due July 2014	—		685
Commercial paper	168		—
Other	31		43
Total debt	5,582		4,389
Less short-term and current portion of long-term debt	783		703
Total long-term debt	$	4,799	$	3,686

Revolving Credit Facilities

As of December 31, 2014, Aon plc had two primary committed credit facilities outstanding: its $400 million U.S. credit facility expiring in March 2017 (the "2017 Facility") and its €650 million ($792 million based on exchange rates at December 31, 2014) European credit facility expiring in October 2015 (the "2015 Facility"). Aon Corporation entered into the 2015 Facility on October 15, 2010 (Aon plc became a borrower under such facility on April 29, 2013) and Aon plc entered into the 2017 Facility on March 20, 2012. On February 2, 2015, Aon plc replaced the 2015 Facility with a new $900 million multi-currency U.S. credit facility expiring in February 2020 (the "2020 Facility"). Each of these facilities included customary representations, warranties and covenants, including financial covenants that require Aon plc to maintain specified ratios of adjusted consolidated EBITDA to consolidated interest expense and consolidated debt to adjusted consolidated EBITDA, in each case, tested quarterly. At December 31, 2014, Aon plc had no borrowings under, and was in compliance with these financial covenants and all other covenants contained in, the 2015 Facility and 2017 Facility.

Debt Issuances

On August 12, 2014, Aon plc issued $350 million of 3.50% Senior Notes due June 2024. The 3.50% Notes due 2024 constitute a further issuance of, and were consolidated to form a single series of debt securities with, the $250 million of 3.50% Notes due June 2024 that was issued by Aon plc on May 20, 2014 concurrently with Aon plc's issuance of $550 million of 4.60% Notes due June 2044. Aon plc used the proceeds for working capital and general corporate purposes.

On May 7, 2014, Aon plc issued €500 million of 2.875% Senior Notes due May 2026. Aon plc used the proceeds of the issuance for, among other purposes, the repayment at maturity of Aon plc's then outstanding €500 million of 6.25% Notes due July 2014.

On November 21, 2013, Aon plc issued $350 million in aggregate principal amount of 4.00% Senior Notes due 2023. Aon plc used the proceeds to repay commercial paper borrowings and for general corporate purposes.

On May 21, 2013, Aon plc issued $250 million in aggregate principal amount of 4.45% Senior Notes due 2043. Aon plc used the proceeds to repay commercial paper borrowings and for general corporate purposes.

On April 15, 2013, Aon plc issued $256 million in aggregate principal amount of 4.250% Senior Notes due 2042 in exchange on a registered basis for $90 million in aggregate principal amount of 4.250% Senior Notes due 2042 that were issued by Aon plc on March 8, 2013 and $166 million aggregate principal amount of the 4.250% Senior Notes due 2042 that were issued by Aon plc on December 12, 2012. Aon plc used the proceeds of the December 12, 2012 issuance of 4.25% Senior Notes due 2042 for, among other purposes, to retire a portion of the 8.205% Junior Subordinated Notes due January 2027.

Each of the notes described above is fully and unconditionally guaranteed by Aon Corporation. The 3.50% Senior Notes due 2015, 5.00% Senior Notes due 2020, 3.125% Senior Notes due 2016 and 8.205% Junior Subordinated Notes due January 2027 identified in the table above were issued by Aon Corporation and are fully and unconditionally guaranteed by Aon plc. The 4.76% Senior Notes due March 2018 identified in the table above were issued by a Canadian subsidiary of Aon Corporation and are fully and unconditionally guaranteed by Aon plc and Aon Corporation. Each of the notes described above and identified in the table above contains customary representations, warranties and covenants, and we were in compliance with all such covenants as of December 31, 2014.

During the year ended December 31, 2014, Aon Corporation's $600 million 3.50% Senior Notes due September 2015 were classified as Short-term debt and current portion of long-term debt in the Consolidated Statements of Financial Position as the date of maturity is less than one year.

Commercial Paper

Aon Corporation has established a U.S. commercial paper program, which provides for commercial paper to be issued in an aggregate principal amount of up to $900 million, and Aon plc has established a European multi-currency commercial paper program which provides for commercial paper to be issued in an aggregate principal amount of up to €300 million. The U.S. commercial paper program is fully and unconditionally guaranteed by Aon plc and the European commercial paper program is fully and unconditionally guaranteed by Aon Corporation. In the aggregate, the Company had $168 million commercial paper outstanding at December 31, 2014, which was included in Short-term debt in the Company's Consolidated Statements of Financial Position, and no commercial paper outstanding at December 31, 2013. The weighted average commercial paper outstanding for 2014 and 2013 was $308 million and $339 million, respectively. The weighted average interest rate of the commercial paper outstanding during both 2014 and 2013 was 0.35%.

Repayments of total debt are as follows (in millions):



2015	$	783
2016	511
2017	3
2018	323
2019	—
Thereafter	3,962
	$	5,582