Debt

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



As of December 31	2017		2016
3.875% Senior Notes due December 2025	$	745	$	744
5.00% Senior Notes due September 2020	598		598
3.50% Senior Notes due June 2024	595		594
4.75% Senior Notes due May 2045	592		592
2.875% Senior Notes due May 2026 (EUR 500M)	587		516
4.60% Senior Notes due June 2044	544		543
8.205% Junior Subordinated Notes due January 2027	521		521
2.80% Senior Notes due March 2021	398		397
4.00% Senior Notes due November 2023	348		347
6.25% Senior Notes due September 2040	296		295
4.76% Senior Notes due March 2018 (CAD 375M)	296		277
4.45% Senior Notes due May 2043	246		246
4.25% Senior Notes due December 2042	197		197
Commercial paper	—		329
Other	3		9
Total debt	5,966		6,205
Less: Short-term and current portion of long-term debt	299		336
Total long-term debt	$	5,667	$	5,869

Notes

During the first quarter of 2017, the CAD 375 million ($296 million at December 31, 2017 exchange rates) 4.76% Senior Notes due March 2018 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.

On May 27, 2016, $500 million of 3.125% Senior Notes due May 2016 issued by Aon Corporation matured and were repaid in full.

On March 1, 2016, Aon plc issued $750 million of 3.875% Senior Notes due December 2025. The Company used the proceeds of the issuance for general corporate purposes.

Each of the notes issued by Aon plc and described above is fully and unconditionally guaranteed by Aon Corporation. 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. Refer to Note 18 “Guarantee of Registered Securities” for additional information regarding guarantees of outstanding debt securities. Each of the notes described above and identified in the table above contains customary representations, warranties, and covenants, and the Company was in compliance with all such covenants as of December 31, 2017.

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



2018	$	299
2019	—
2020	600
2021	400
2022	—
Thereafter	4,770
Total Repayments	6,069
Unamortized discount, premium, and debt issuance cost	(103		)
Total Debt	$	5,966

Revolving Credit Facilities

As of December 31, 2017, Aon plc had two primary committed credit facility outstanding: its $900 million multi-currency U.S. credit facility expiring in February 2021 (the “2021 Facility”) and its $400 million multi-currency U.S. credit facility expiring in October 2022 (the “2022 Facility”). The 2022 Facility was entered into on October 19, 2017.

Each of these facilities includes customary representations, warranties, and covenants, including financial covenants that require Aon plc to maintain specified ratios of adjusted consolidated earnings before interest, taxes, depreciation, and amortization (“EBITDA”) to consolidated interest expense and consolidated debt to adjusted consolidated EBITDA, in each case, tested quarterly. At December 31, 2017, Aon plc did not have borrowings under either the 2021 Facility or the 2022 Facility, and was in compliance with all covenants contained therein during the twelve months ended December 31, 2017.

Commercial Paper

Aon Corporation, a wholly-owned subsidiary of Aon plc, has established a U.S. commercial paper program and a European multi-currency commercial paper program (collectively “the CP Programs”). Commercial paper may be issued in an aggregate principal amount of up to $1.3 billion under the CP Programs, allocated between the two programs as determined by management, not to exceed the amount of committed credit, which was $1.3 billion as of December 31, 2017. 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.

Commercial paper outstanding, which is included in Short-term debt and current portion of long-term debt in the Company’s Consolidated Statements of Financial Position, is as follows (in millions):



As of	December 31, 2017		December 31, 2016
Commercial paper outstanding	$	—	$	329

The weighted average commercial paper outstanding and its related interest rates are as follows:



Years ended December 31	2017			2016
Weighted average commercial paper outstanding	$	170		$	265
Weighted average interest rate of commercial paper outstanding	0.18		%	0.22		%