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England’s AA talks £735 million notes to yield 5½%-5¾%; pricing Friday
By Paul A. Harris
Portland, Ore., March 27 – Roadside assistance provider AA (The Automobile Association) talked its £735 million offering of class B secured notes to yield 5½% to 5¾%, according to a market source.
The deal is expected to price Friday.
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, a market source said.
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