England's AA plans to price £350 million PIK toggle notes on Thursday

By Paul A. Harris

Portland, Ore., Oct. 29 - British motoring association AA Ltd. plans to price a £350 million offering of unrated six-year senior PIK toggle notes on Thursday, according to an informed source.

Global coordinator Deutsche Bank will bill and deliver. Royal Bank of Scotland is also a global coordinator.

Barclays and Mizuho Securities are joint bookrunners.

The Rule 144A and Regulation S notes come with 1.5 years of call protection.

Proceeds will be used to refinance debt of Acromas Mid Co. Ltd. and pre-fund the first three interest payments on the notes, following the issue date.

The issuing entity will be AA PIK Co. Ltd., a special purpose vehicle of the Basingstoke, England-based provider of car insurance, driving lessons, breakdown cover, loans, motoring advice and other services.

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