This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.guardian.co.uk/business/2013/jun/17/aa-saga-acromas-refinancing-package
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| AA and Saga owner Acromas to reveal £3bn refinancing package | AA and Saga owner Acromas to reveal £3bn refinancing package |
| (about 1 hour later) | |
| The owner of the AA and Saga is expected to announce a £3bn refinancing, paving the way for a potential breakup of the private company. | |
| Acromas, which brought together the motoring recovery service and the travel and insurance firm for people aged over 50, at the top of the credit boom in 2007, is expected to replace high-interest loans with a package of cheaper, longer-term debt. | |
| A deal would allow its three private-equity backers – CVC, Permira, and Charterhouse – to cash in on the original deal. | |
| Acromas, whose other brands include the BSM motoring school and Titan Travel, declined to comment. | Acromas, whose other brands include the BSM motoring school and Titan Travel, declined to comment. |
| The £6.2bn merger in 2007, was backed by almost £5bn of debt. A breakup could involve a sale of AA followed by a stock market flotation for Saga. | |
| The first tranche of Acromas's debt matures in 2015, meaning some form of restructuring is required before then. | The first tranche of Acromas's debt matures in 2015, meaning some form of restructuring is required before then. |
| The group has around 18 million AA members and 38,000 employees. |