(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
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