Debt

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



As of December 31	2018		2017
3.875% Senior Notes due December 2025	746		745
5.00% Senior Notes due September 2020	599		598
3.50% Senior Notes due June 2024	596		595
4.75% Senior Notes due May 2045	592		592
2.875% Senior Notes due May 2026 (EUR 500M)	562		587
4.60% Senior Notes due June 2044	544		544
8.205% Junior Subordinated Notes due January 2027	521		521
2.80% Senior Notes due March 2021	398		398
4.00% Senior Notes due November 2023	348		348
4.50% Senior Notes due December 2028	347		—
6.25% Senior Notes due September 2040	296		296
4.76% Senior Notes due March 2018 (CAD 375M)	—		296
4.45% Senior Notes due May 2043	246		246
4.25% Senior Notes due December 2042	198		197
Commercial paper	250		—
Other	1		3
Total debt	6,244		5,966
Less: Short-term and current portion of long-term debt	251		299
Total long-term debt	$	5,993	$	5,667

Notes

On December 3, 2018, Aon Corporation issued $350 million 4.50% Senior Notes due December 2028. The Company used the net proceeds of the offering to pay down a portion of outstanding commercial paper and for general corporate purposes.

On March 8, 2018 the Company’s CAD $375 million ($291 million at March 8, 2018 Exchange Rates) 4.76% Senior Notes due March 2018 issued by a Canadian subsidiary of Aon Corporation matured and was repaid in full.

Each of the notes issued by Aon plc is fully and unconditionally guaranteed by Aon Corporation, and each of the notes issued by Aon Corporation is fully and unconditionally guaranteed by Aon plc. Refer to Note 19 “Guarantee of Registered Securities” for additional information regarding guarantees of outstanding debt securities. Each of the notes described 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, 2018.

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



2019	$	251
2020	600
2021	400
2022	—
2023	—
Thereafter	5,095
Total Repayments	6,346
Unamortized discounts, premiums, and debt issuance costs	(102		)
Total Debt	$	6,244

Revolving Credit Facilities

As of December 31, 2018, Aon plc had two primary committed credit facilities 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”). On February 2, 2019, the Company extended the 2021 Facility by one year, and it will now expire in February 2022.

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, 2018, 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, 2018.

Commercial Paper

Aon Corporation, a wholly owned subsidiary of Aon plc, has established a U.S. commercial paper program, and Aon plc has established a European multi-currency commercial paper program (collectively, the “CP Programs”). Commercial paper may be issued in aggregate principal amounts of up to $600 million under the U.S. program and €525 million under the European program, not to exceed the amount of the Company’s committed credit, which was $1.3 billion at December 31, 2018. 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	2018		2017
Commercial paper outstanding	$	250	$	—

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



Years ended December 31	2018			2017
Weighted average commercial paper outstanding	$	580		$	170
Weighted average interest rate of commercial paper outstanding	84		%	0.18		%