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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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 4,486 16 13.62
2 Citi 4,347 16 13.20
3 Lloyds Bank 3,158 6 9.59
4 Morgan Stanley 3,066 8 9.31
5 Bank of America Merrill Lynch (BAML) 2,771 10 8.42

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2 JPMorgan 52,017.12 155 9.26%
3 Wells Fargo Securities 42,153.78 123 7.51%
4 Bank of America Merrill Lynch 41,657.82 137 7.42%
5 Credit Suisse 38,415.30 121 6.84%