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Prospect News home > News index > List of issuers R > Headlines for RAC Ltd. > News item
Published on 2/3/2020 in the Prospect News Bank Loan Daily.

RAC refinances with £350 million of term, working capital facilities

By Sarah Lizee

Olympia, Wash., Feb. 3 – RAC Bond Co. plc said its affiliate RAC Ltd. refinanced its senior term and working capital facilities.

RAC entered into a £300 million senior term facility due January 2025 in order to refinance the group's existing £280 million senior term facility due May 2021. The new term facility includes a £80 million accordion.

Interest is Libor plus 250 basis points.

A new working capital facility of £50 million available until January 2025 was also put in place to replace the existing £50 million working capital facility.

RAC is a Walsall, U.K.-based motorist services provider.


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