England's AA talks £655 million secured notes to yield in 9½% area

By Paul A. Harris

Portland, Ore., June 25 - AA Bond Co. Ltd. set yield talk for its planned offering of £655 million six-year class B secured notes (double B ratings expected) in the area of 9½%, a market source said on Tuesday.

Order books were scheduled to close late Tuesday, U.K. time.

Active bookrunner Deutsche Bank will bill and deliver. Royal Bank of Scotland is also an active bookrunner.

Barclays, Mizuho, BofA Merrill Lynch, HSBC, Lloyds TSB, Mitsubishi UFJ, RBC and UBS are the joint bookrunners.

The Rule 144A and Regulation S notes become callable in 2.5 years.

Proceeds will be used to refinance bank debt.

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

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