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Private equity-backed Acromas Holdings to refinance £3bn of debt

19 Jun 2013

pound_sterling_170sqPrivate equity-backed Acromas Holdings is set to refinance £3bn of debt ahead of a potential break-up of the group that owns the AA and Saga brands.

The group, which is owned by buyout firms Charterhouse, Permira and CVC, is considering issuing bonds to partially replace its bank debt, said the FT.

This would create standalone facilities for road rescue service company AA, allowing its separation from the rest of the group, a person familiar with the situation told the publication.

The refinancing includes a £1.9bn term loan and working capital and liquidity facilities totalling £370m.

Acromas also owns holiday insurance provider for over-50 customers Saga, which was merged with AA in a £6.2bn deal in 2007.

Earlier this year it was reported that Acromas was seeking outside ivnestors to reduce debt.

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