Investors approached over £620m RAC loans

30 Jun 2011

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.

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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