Linklaters has advised a consortium of Warburg Pincus LLC and TowerBrook Capital Partners L.P. on financing in relation to the public takeover of the motorway emergency service AA plc (the AA). The financing included a bond issuance as well as three new loan agreements.
The complex financing package comprising £280 million 6½% Class B3 Secured Notes and a senior term facility, working capital facility and liquidity facility to the value of £366 million, was designed to fit within the target group’s existing notes issuances and Whole Business Securitisation structure of approximately £2.6 billion in debt. Alongside the debt, the Consortium invested approximately £378 million into the AA.
The Linklaters team was led by banking partners Tom Waller and Alexander Naidenov, supported by managing associates Daniel Peach and Matt Dominy and associate Hannah Brellisford. The banking team was joined by a team from the firm’s Structured Finance Group which was led by partner Reza Taylor and included managing associates Thomas Capon and Xi Chen.
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