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 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

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3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%