AA Senior launches capped tender offer for AA Bond notes due 2024/2043

By Marisa Wong

Los Angeles, Jan. 23 – AA Senior Co. Ltd. announced an invitation to holders of the £550 million 4 7/8% fixed-rate sub-class A7 notes due 2024/2043 (ISIN: XS1856940462) issued by AA Bond Co. Ltd. to tender their notes for purchase for cash up to a maximum acceptance amount.

The purchase price will be 98, along with accrued interest.

The maximum acceptance amount will be an amount not less than the aggregate principal amount of new notes under a concurrent offering, according to a notice.

AA Bond intends to issue new sterling-denominated sub-class A11 fixed-rate notes due 2028/2050, proceeds of which will be used to fund the tender offer. The new notes are expected to be issued on Feb. 6.

The tender offer is conditioned on the new financing.

Holders who subscribe for the new notes may be given acceptance priority under the tender offer.

Tenders may be subject to proration.

The offer expires at 11 a.m. ET on Feb. 2.

Results will be announced on Feb. 3.

Settlement of the tender offer is slated for Feb. 7.

Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.com) and Lloyds Bank Corporate Markets plc (+44 207 158 1726 / 1719; LBCMLiabilityManagement@lloydsbanking.com) are the dealer managers.

Kroll Issuer Services Ltd. (+44 207 704 0880; attn.: Jacek Kusion; 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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