LONDON (Alliance News) - Motoring services firm AA PLC announced Thursday it plans to purchase bonds worth up to GBP20 million through the open market and private transactions.
The AA - which provides car breakdown and insurance services - proposed to buy back up to GBP20 million of its 5.500% class B2 secured notes due 2043. The bond purchase programme will be completed in tranches and managed by Peel Hunt LLP.
The first tranche has opened immediately and will close next Wednesday.
The AA emphasised it "will decide in its sole discretion whether to purchase any notes" under the offer.
For the year ended January 2018, AA generated GBP141 million in pretax profit on revenue of GBP960 million.
Shares in AA were 0.5% lower at 91.24 pence on Thursday.
