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AA buys back £20 million of 5½% class B2 notes due 2043
By Sarah Lizee
Olympia, Wash., Feb. 28 – AA plc said it has purchased £20 million 5½% class B2 secured notes due 2043 issued by subsidiary AA Bond Co. Ltd., according to a notice.
As previously reported, the company launched an up to £20 million bond purchase program on Feb. 21 to purchase the 5½% notes through open market purchases or private transactions.
The purchase period began at 5 a.m. ET on Feb. 21 and ended at 10 a.m. ET on Feb. 27.
The buybacks are managed by Peel Hunt LLP.
“We remain committed to proactive management of our debt and are confident that our strategic plan will help to significantly de-lever the business in line with our longer-term target range of 3 to 4 times net debt to EBITDA,” Chief Financial Officer Martin Clarke said in Thursday’s notice.
AA is a Basingstoke, England-based company that provides roadside assistance.
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