AA draws down £199.7 million senior term facility

By Sarah Lizee

Olympia, Wash., April 23 – AA plc subsidiary AA Senior Co. Ltd. drew down its £199.7 million senior term facility dated July 2, 2018, according to a press release.

The loan was put in place to enable the repayment, prepayment or purchase of the £200 million class A3 notes issued by AA Bond Co Ltd. and the associated repayment or prepayment of the related intercompany loan.

The proceeds of the draw were used, along with funds from AA Senior, were used to prepay the intercompany loan in full.

The senior term facility has a maturity of July 31, 2023 and is subject to an interest rate of Libor plus a margin of 175 basis points.

The issuer, based in Basingstoke, England, is the United Kingdom's largest provider of roadside assistance service.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.