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AA Senior launches capped tender offer for AA Bond notes due 2025/2043
By Marisa Wong
Los Angeles, Aug. 7 – AA Senior Co. Ltd. is inviting holders of the £500 million 6.269% fixed-rate sub-class A2 notes due 2025/2043 (ISIN: XS0949169923) issued in two tranches by AA Bond Co. Ltd. to tender their notes for purchase for cash, up to a maximum acceptance amount, according to a notice.
The maximum acceptance amount will be such that the aggregate purchase price payable is no greater than £60 million.
The purchase price will be determined under a modified Dutch auction process.
The minimum purchase price is 97.1.
The company will also pay accrued interest.
The offer will end at 11 a.m. ET on Aug. 14.
Results will be announced on Aug. 15.
Settlement is expected to be on Aug. 17.
The company said the purpose of the offer is to use surplus cash to reduce gross debt, to proactively manage its debt maturities and to offer a liquidity event to noteholders.
The dealer manager is Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.com).
Kroll Issuer Services Ltd. (+44 207 704 0880; attn.: David Shilson; theaa@is.kroll.com; https://deals.is.kroll.com/theaa) is the tender agent.
The issuer is a special purpose entity for AA Ltd., a London-based roadside assistance services provider.
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