AA taps WBS for £350m after reverse as refi completes
The AA Group, the UK roadside assistance and insurance company, last Friday tapped its whole business securitization for another £350m of senior debt, six weeks after inaugurating the structure with a £625m senior and £655m junior issue.
It is one of only a handful of WBS secured on businesses that do not depend primarily on ownership of specific properties.
AA Group tapped both the five and 12 year class ‘A’ tranches of its deal, which are rated BBB- by Standard & Poor’s. Each tap, for
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