01/20/2021 AA Bond Co Limited (The AA) (AABOND) GBP280m Reg S/144A class B3 sr sec notes due 01/31/26 (5y). NC2, then at 103.25, 101.625, 100. NR/B+. Via Barc (B&D)/CS/GS jt glocos/Citi/JPM/Lloyds jt books. No reg rights. List Dublin. English law. Settles 01/29 (T+7). Reg S ISIN: XS2291336167. IPT: 6.75%-7.00%. Price talk 6.75% area. Final pricing: 6.50% (the number). Priced: 6.50% at 100. +647.5bp vs UKT 0.125% 01/30/26.
Telephonic roadshow 01/18-20 (investor call at 1pm UKT 01/18). Books closed at 9:30am UKT 01/20. UOP: as part of the acquisition of AA plc by TowerBrook and Warburg Pincus for 35p per share (GBP215m equity value), to redeem GBP541m of its GBP570m 5.50% 2nd lien class B notes due 07/31/22 at 100. The equity sponsors will contribute GBP378m in equity (GBP261m of which will be used to refinance the class B notes). The bond end equity proceeds portion will be held in escrow pending completion of the acquisition. Biz: leading roadside assistance provider in the UK. HQ: Basingstoke, UK. (Acquisition announced 11/25/20).