AA gets secured senior and HY bonds away in difficult market

By Joseph McDevitt
25 Jun 2013

Pricing for the Automobile Association’s debut issue of bonds backed by its entire business started at generous spreads for both the senior and high yield portions, but sterling investors demanded even more to get involved in the senior 12 year tranche.

The AA will be able to press on with refinancing plans for the £3bn of outstanding debt for its parent company, Acromas Holdings, as it printed £300m of five year bonds and £325m of 12 year paper. This £625m, combined with the £655m of class 'Bs' and a ...

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