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 Citi 4,296 9 13.13
2 BNP Paribas 3,026 10 9.25
3 Bank of America Merrill Lynch (BAML) 2,411 8 7.37
4 Lloyds Bank 2,213 9 6.76
5 Credit Agricole 2,025 6 6.19

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2 Bank of America Merrill Lynch 32,121.53 91 9.55%
3 Wells Fargo Securities 28,214.86 79 8.39%
4 JPMorgan 26,479.28 77 7.87%
5 Credit Suisse 22,976.84 53 6.83%