Pent up sterling demand revs up RAC’s securitization refi

RAC 230x150
By Ross Lancaster
27 Apr 2016

UK roadside car services company RAC brought £900m of senior secured notes to market as it sought to refinance a chunk of its £1.25bn of outstanding leveraged loans.

While RAC itself is rated B+ by Standard& Poor’s, its securitized notes have an expected BBB- rating. The rating agency last week said that it understood the issuer would offer £300m of class A1 notes.

But during a roadshow, attended by over 50 buy side accounts, the issuer ...

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