AA PIK calls all £175 million 9½%/10¼% senior PIK toggle notes due 2019

By Tali Rackner

Norfolk, Va., April 2 – AA PIK Co. Ltd. called the entire amount outstanding under its £175 million 9½%/10¼% senior PIK toggle notes due 2019, according to a notice.

The notes will be redeemed at 102 plus accrued interest on April 24 with the proceeds of an equity offering, which AA intends to complete in April, a condition for the redemption.

Deutsche Bank AG, London Branch is the paying agent.

AA PIK, a subsidiary of AA Ltd., is a special purpose company created to make payments of principal and interest on notes. It is based in St Helier, Jersey, Channel Islands.

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