Investors approached over £620m RAC loans

A limited early-bird syndication of £620m of leveraged loans backing Carlyle’s buy-out of Aviva’s car breakdown service RAC has begun, with the private equity firm’s relationship investors the first to be approached.

  • 30 Jun 2011

The loans comprise a £520m seven year term loan ‘B’ paying 475bp and £100m of undrawn debt with a six year maturity and a margin of 400bp.

Leverage for the RAC deal is around 5.7 times Ebitda, bankers said. BNP Paribas, Credit Suisse, JP Morgan, Morgan Stanley and UBS ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

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1 Citi 117,398.62 338 11.04%
2 Bank of America Merrill Lynch 94,721.79 272 8.91%
3 JPMorgan 92,612.23 269 8.71%
4 Wells Fargo Securities 82,597.19 239 7.77%
5 Credit Suisse 69,442.99 183 6.53%