By Paul A. Harris
Portland, Ore., March 27 – Roadside assistance provider AA (The Automobile Association) priced a £735 million issue of class B secured notes at par to yield 5½% on Friday, according to a market source.
The yield printed at the tight end of the 5½% to 5¾% yield talk.
The notes have an expected maturity of July 31, 2022 and a final maturity of July 31, 2043.
Credit Suisse was the lead left global coordinator. Royal Bank of Scotland and Lloyds were also global coordinators.
Barclays, JPMorgan, Morgan Stanley and Santander were joint bookrunners.
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.
| Issuer: | AA Bond Co Ltd.
|
| Amount: | £735 million
|
| Expected maturity: | July 31, 2022
|
| Final maturity: | July 31, 2043
|
| Securities: | Class B secured notes
|
| Left lead global coordinator: | Credit Suisse
|
| Joint global coordinators: | Royal Bank of Scotland, Lloyds
|
| Joint bookrunners: | Barclays, JPMorgan, Morgan Stanley, Santander
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 406 bps
|
| First call: | July 31, 2018 at 102.75
|
| Trade date: | March 27
|
| Settlement date: | April 13
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5½% to 5¾%
|
| Marketing: | Roadshow
|
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