By Paul A. Harris
Portland, Ore., June 25 - AA Bond Co. Ltd. priced a £655 million issue of class B secured notes (/BB/) at par to yield 9½% on Tuesday, according to market sources.
The notes have a six-year expected maturity and a 30-year legal maturity.
The yield printed on top of the yield talk.
Active bookrunner Deutsche Bank will bill and deliver. Royal Bank of Scotland was also an active bookrunner.
Barclays, Mizuho, BofA Merrill Lynch, HSBC, Lloyds TSB, Mitsubishi UFJ, RBC and UBS were the joint bookrunners.
Proceeds will be used to refinance bank debt.
The issuer is a Basingstoke, England-based roadside assistance services provider.
| Issuer: | AA Bond Co. Ltd.
|
| Amount: | £655 million
|
| Expected maturity: | July 31, 2019
|
| Legal maturity: | July 31, 2043
|
| Securities: | Class B secured notes
|
| Active bookrunners: | Deutsche Bank (bill and deliver), Royal Bank of Scotland
|
| Joint bookrunners: | Barclays, Mizuho, BofA Merrill Lynch, HSBC, Lloyds TSB, Mitsubishi UFJ, RBC, UBS
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 772 bps
|
| First call: | Jan. 31, 2016 at 104.75
|
| Trade date: | June 25
|
| Settlement date: | July 2
|
| Rating: | Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9½% area
|
| Marketing: | Roadshow
|
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