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AA Unit Draws Down Full GBP200 Million Loan; S&P Affirms Ratings

Thu, 23rd Apr 2020 13:43

(Alliance News) - AA PLC on Thursday said a subsidiary has drawn down a GBP199.7 million facility early to refinance a notes issue.

The motor association and insurer said the senior term facility, drawn down by AA Senior Co Ltd, was put in place to repay a GBP200 million class A3 notes issue when it matures on July 31.

The facility has an annual interest rate of LIBOR plus 1.75% and matures in July 2023.

"As part of this process, S&P Global Ratings has confirmed the credit rating of the Class A Notes at BBB-," AA noted.

AA shares were up 0.2% to 24.01 pence each in London on Thursday afternoon.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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