Published on 1/20/2021 in the Prospect News High Yield Daily.
New Issue: The AA sells £280 million 6½% five-year secured notes at par
By Paul A. Harris
Portland, Ore., Jan. 20 – The AA priced a £280 million issue of five-year class B3 secured notes (B+) at par to yield 6½% on Wednesday, according to a market source.
Global coordinator and lead left bookrunner Barclays will bill and deliver. Credit Suisse and Goldman Sachs are also bookrunners and global coordinators. Joint bookrunners are Citigroup, JPMorgan and Lloyds.
The London-based roadside assistance services provider plans to use the proceeds alongside £261 million of equity, to redeem all £541 million class B2 notes outstanding.
| Issuer: | AA Bond Co Ltd.
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| Amount: | £280 million
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| Maturity: | Jan. 31, 2026
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| Securities: | Class B3 secured notes
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| Lead bookrunner: | Barclays (bill and deliver)
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| Global coordinators: | Barclays, Credit Suisse and Goldman Sachs
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| Joint bookrunners: | Citigroup, JPMorgan and Lloyds
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| Coupon: | 6½%
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| Price: | Par
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| Yield: | 6½%
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| Spread: | 647.5 bps
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| First call: | Jan. 31, 2023 at 103.25
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| Trade date: | Jan. 20
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| Settlement date: | Jan. 29
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| Rating: | S&P: B+
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| Distribution: | Rule 144A and Regulation S
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