England’s AA starts roadshow for £735 million secured notes offering, to refinance existing notes

By Paul A. Harris

Portland, Ore., March 25 – Roadside assistance provider AA (The Automobile Association) began a European roadshow on Wednesday for a £735 million offering of class B secured notes, according to a market source.

The notes come with a seven-year expected maturity and a final maturity on July 31, 2043.

Credit Suisse is the lead left global coordinator for the Rule 144A and Regulation S for life offering. Royal Bank of Scotland and Lloyds are also global coordinators. Barclays, JPMorgan, Morgan Stanley and Santander are joint bookrunners.

The notes come with three years of call protection.

The Basingstoke, England-based company plans to use the proceeds to refinance its existing notes.

Those notes are rated BB- by Standard & Poor's, the market source said.

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