England's AA Bond to start roadshow Tuesday for £655 million notes

By Paul A. Harris

Portland, Ore., June 17 - AA Bond Co. Ltd. plans to start a roadshow on Tuesday for its £655 million offering of class B secured notes, according to a market source.

The notes have a six-year expected maturity and a 30-year legal maturity and are expected to receive credit ratings in the double B range.

Physical bookrunner Deutsche Bank will bill and deliver. Royal Bank of Scotland is also a physical bookrunner.

Barclays, Mizuho, BofA Merrill Lynch, HSBC, Lloyds TSB, Mitsubishi UFJ, RBC and UBS are joint bookrunners.

The Rule 144A and Regulation S notes become callable in 2.5 years.

Proceeds will be used to refinance bank debt.

The issuer is the United Kingdom's largest provider of roadside assistance service.

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