The AA (UK)

1905

Public

Status: Performing

All payments are on time

All covenants met

BACK TO MARKET


Amount

£570,000,000

Current Yield

5.3%

*
Estimated Yield to Maturity

4.5%

**
Maturity Date

31 Jul 2022

Interest Payment Frequency

6m

Next interest payment

31 Jul 2017

Asset Security

Secured

Industry Type

Service

Next Call

31 July 2018 at 102.75
31 July 2019 at 101.375
31 July 2020 at 100.0

ISIN

XS1211308231


Business Description

The AA is the UK’s leading provider of roadside assistance, with approximately 3,000 patrols attending an average of around 10,000 breakdowns by cars, motorbikes, caravans and vans every day. The AA also offers Motor, Home, Home Emergency Response, Travel and other specialist insurance policies. We act as broker for the insurer, operating a diverse panel of third-party underwriters, including many of the UK’s major insurance underwriters.


Capital Structure

Source: Pro forma Capital Structure post November 2016 Refinancing and issuance of Class A5 Notes
* An asterisk next to an item indicates there is additional information available if you hover over it. You can also find a definition of the terms used on this page in our Glossary here
Based on 260p share price as at 14th Dec 2016, London Stock Exchange


Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

* This is the estimated return an investor can expect to receive over the next 12 months expressed in percentage terms. It is the sum of the expected interest payments over the year and where the coupon is partly dependent on Libor uses market based Libor forecasts at each coupon date and also takes into account the Note's current price. It is gross of taxation and our Service Fee. The current yield is therefore an estimated return only and is not guaranteed and may be revised in the future.
** This is an estimated annualised return gross of taxation and our Service Fee assuming the investment is held to maturity. It equates the present value of expected future interest payments of a Note into an annual yield across its life relative to the Note's current price. Where the interest coupon is partly dependent on Libor it uses market based forecasts of Libor and assumes that all interest is re-invested at a rate equal to the Yield to Maturity. For floating rate coupons because current market based forecasts are for Libor to increase in future years the calculation of Yield to Maturity assumes the interest paid to investors will be higher in future years. However, there is no guarantee that the Bank of England will raise interest rates or that Libor will increase as a result. In addition, any changes to the financial circumstances of the company or changes in the economic terms of the underlying loan could also impact future interest payments. The Yield to Maturity is therefore an estimated return only and is not guaranteed.

Status: Performing


Notes:

The company currently has no outstanding notes.

Capital at risk. No FSCS cover. See Risk Statement.

 

Please note as a WiseAlpha member you are not lending directly to the corporate borrower. Instead, you are investing in a Participation Note, or “Note”, which corresponds and is backed by a specific loan or bond investment made through the WiseAlpha platform reflecting the key economic terms of the investment.

WiseAlpha Technologies Limited (FRN: 751087) is authorised and regulated by the Financial Conduct Authority in the UK.
WiseAlpha Technologies Limited is a company registered in England, with its registered office at Level 39, One Canada Square, Canary Wharf, London E14 5AB (Company No. 08967521).
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