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AA Bond to exchange £325 million 2022/2043 notes for 2027/2050 notes
By Wendy Van Sickle
Columbus, Ohio, Jan. 21 – AA Bond Co. Ltd. is offering to exchange up to £325 million of its £697,249,000 of outstanding 2.875% sub-class A5 fixed-rate notes due 2022/2043 (ISIN: XS1529687870/152968787) for new sterling-denominated sub-class A8 fixed-rate notes due 2027/2050 plus cash, according to a notice.
The notes will be exchanged on a par-for-par basis, and there is a minimum new issue size of £250 million.
The cash consideration will be paid in pounds sterling and is expected to be determined no later than 6 a.m. ET on Jan. 31.
Accrued interest will also be paid in cash.
The offer will expire at 11 a.m. ET on Jan. 30.
The new notes’ interest rate will be based on the 1.25% Gilt due July 22, 2027, and will be determined no later than 6 a.m. ET on Jan. 31.
If the amount of notes tendered for exchange exceeds the cap, tendered notes will be accepted for exchange on a pro-rata basis.
Settlement is expected to take place on Feb. 4.
The issuer said the exchange offer is consistent with its strategy of extending average debt maturities to create a path to deleveraging.
The lead dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Credit Suisse Securities (Europe) Ltd. (+44 20 7883 8763 or liability.management@credit-suisse.com).
The dealer managers are Barclays Bank plc, J.P. Morgan Securities plc, Lloyds Bank Corporate Markets plc and Peel Hunt LLP.
The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or theaa@lucid-is.com).
The issuer, based in Basingstoke, is the United Kingdom’s largest provider of roadside assistance service.
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