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RAC accepts £115 million of tendered RAC Bond class A-2 secured notes
By Marisa Wong
Los Angeles, March 27 – RAC Ltd. gave the final results of its March 11 tender offer for RAC Bond Co plc’s £600 million of 4.87% class A-2 secured notes due 2026/2046 (ISIN: XS1404981141) to tender their notes for purchase for cash at a price determined through a modified Dutch auction procedure.
As of the expiration of the offer, holders had tendered £276,912,000 of the notes.
RAC accepted the maximum acceptance amount of £115 million, including both non-competitive and competitive tenders.
The purchase spread was set at 100 basis points.
The offeror accepted for purchase all notes tendered under non-competitive instructions in full; all notes tendered under competitive tender instructions that specified a purchase spread greater than the 100 bps purchase spread in full, with no pro rata scaling; and all notes tendered under competitive tender instructions that specified a purchase spread equal to the 100 bps purchase spread, subject to a scaling factor of 23.72%. The offeror did not accept for purchase notes tendered under competitive tender instructions that specified a purchase spread less than the 100 bps purchase spread.
The maximum purchase spread had been set at 170 basis points.
The issuer also paid accrued interest.
The offer expired at noon ET on March 18.
Pricing was set at 9 a.m. ET on March 19.
Settlement was slated for March 21.
Following settlement, £485 million principal amount of the notes will remain outstanding.
Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.com) and HSBC Bank plc (+44 20 7992 6237; LM_EMEA@hsbc.com) acted as dealer managers for the offer.
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Alessandro Zorza; rac@is.kroll.com) acted as tender agent.
RAC is a British automotive services company based in Walsall, England.
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