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RAC refinances 2024 term loan via £205 million 2029 term loan
By Marisa Wong
Los Angeles, March 27 – RAC Ltd. issued a notice to holders of its senior secured notes that it has refinanced its senior term and working capital facilities.
RAC used a new £205 million senior term facility due January 2029 in order to refinance its existing £300 million senior term facility due January 2025, which had been reduced to roughly £140 million following prior prepayments.
The new senior term facility carries a margin of 300 basis points, and interest rate risk has been appropriately hedged through an interest rate swap, the company noted.
In addition, a new working capital facility of £50 million has been put in place to replace the existing £50 million working capital facility.
The new working capital facility will be available until January 2029.
RAC is a British automotive services company based in Walsall, England.
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