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Prospect News home > News index > List of issuers A > Headlines for AA plc > News item
Published on 11/28/2016 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

England’s AA takes in tenders for £165.24 million class B2 notes

New York, Nov. 28 – AA plc’s subsidiary, AA Bond Co. Ltd., received tenders for £165,238,000 of its £735 million of 5½% class B2 notes due 2022/2043.

The company said that it plans to accept notes for purchase up to the amount of new notes that it issues.

A £300 million offering of class A5 notes due 2022 was expected to price on Monday.

Completion of the new note sale is a condition to settlement of the tender.

AA announced on Nov. 17 that it was offering to buy up to £200 million of the class B2 notes in a tender offer at a price of 101% of par plus accrued interest.

The tender ended at 12 p.m. ET on Nov. 25.

Alongside the tender, AA is offering new sub-class A5 notes in exchange for up to £300 million of its £475 million of 4.7201% sub-class A1 notes due 2018/2043 and all its £250 million of 3.781% sub-class A4 notes due 2019/2043.

The exchange ended at noon ET on Nov. 28.

For both the tender and the exchange the global coordinators and dealer managers are Credit Suisse Securities (Europe) Ltd. (+44 20 7883 8763 or liability.management@credit-suisse.com), Lloyds Bank plc (+44 20 7158 1721 or liability.management@lloydsbanking.com) or Royal Bank of Scotland plc (+44 20 7678 5282 or liability.management@rbs.com).

The dealer managers are Banco Santander, SA (+44 20 7756 6909 x6646 or tommaso.grospietro@santandergcb.com / king.cheung@santandergcb.com), Barclays Bank plc (+44 20 3134 8515 or eu.lm@barclays.com), J.P. Morgan Securities plc (+44 20 7134 2468 or emea_lm@jpmorgan.com). The exchange agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or theaa@lucid-is.com).

AA is a Basingstoke, England-based company that provides roadside assistance.


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