AA signs refi loan package
The Automobile Association signed its latest loan package on August 9, after reducing the size of its term loan to £1.4bn. The UK roadside assistance firm will use the £1.77bn of loans, alongside the proceeds of its debut bonds, to refinance £3bn of debt owed to the company’s parent firm, Acromas Holdings.
The term loan was originally worth £1.75bn but was reduced when the borrower chose to replace £350m of loans with senior secured notes.
The new debt also includes a £150m revolving credit facility to be used for working capital and a £220m liquidity facility. The debt is due to
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