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GC Asia
Investors clamour for cheap AA refinancing
UK vehicle breakdown recovery and car insurance company the AA plc sold £550m ($726.63m) of new bonds on Tuesday as part of liability management exercise involving buying back existing debt and repaying a term facility, but it paid a juicy spread to get the deal done.
On July 2 the AA (previously branded the Automobile Association) announced it would tender for between £250m-£350m of its £500m Class A3 secured notes with an expected maturity date of 2020, as well as prepaying its existing £250m senior term facility due 2021 in full.
The refinancing ...Already a subscriber? Login
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