Bankers are working on a refinancing of the 4 billion pound ($6.2 billion) debts of the private equity-owned firm behind British motoring services firm AA and travel company Saga, banking sources said on Monday. The refinancing at the firm, called Acromas, would be part of plans to possibly spin off the AA and Saga six years after they were acquired, a move which coincided with the financial crisis and which left banks unable to syndicate the debt which financed the deal.The quest for a refinancing reflects more positive credit market conditions and is said to be attracting attention from a number of banks eager to participate following a dearth of deals last year.Acromas is owned by private equity firms Charterhouse , CVC and Permira and was formed in 2007 though the 6.2 billion pound merger of the AA and Saga.The merger was funded with a 4.8 billion pound leveraged loan, according to Thomson Reuters LPC data, which arrangers Barclays and Mizuho were unable to syndicate after the market collapsed.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.12% or $-0.04/share to $32.57. In the past year, the shares have traded as low as $26.20 and as high as $32.90. On average, 1121520 shares of TRI exchange hands on a given day and today's volume is recorded at 383244.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.48% or $0.16/share to $33.23. In the past year, the shares have traded as low as $26.65 and as high as $33.54. On average, 1188130 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 212361.
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