RAC Ltd – Tender Offer 2024 (XS) MDA - Launch

RAC Limited announces tender offer for RAC Bond Co plc’s £600,000,000 4.870 per cent. Class A-2 Secured Notes due 2026/2046 - XS1404981141

11 MARCH 2024

Full announcement, including disclaimers and offer/distribution restrictions, available via Euronext

RAC Limited (the Offeror) announces today its invitation to holders of RAC Bond Co plc’s (the Issuer) £600,000,000 4.870 per cent. Class A-2 Secured Notes due 2026/2046 held pursuant to Regulation S under the Securities Act of 1933, as amended and bearing ISIN: XS1404981141 (the Notes), to tender their Notes for purchase by the Offeror for cash (the Offer).

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Summary A summary of certain of the terms of the Offer appears below:

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"Background and Rationale for the Offer

RAC Bidco Limited and its subsidiaries (the Group) has reported strong performance in 2023 and, combined with recent successful refinancing activity, has decided to announce the Offer.

The purpose of the Offer is to utilise a portion of the Group’s available cash balances to purchase Notes prior to their maturity as part of the proactive management of the Group’s debt capital structure. The Offer will also provide liquidity to those holders whose Notes are accepted in the Offer.

If the Final Acceptance Amount is less than the Target Acceptance Amount (each as defined below), some or all of the cash no longer required will be used for the repayment of senior term debt.

Notes purchased by the Offeror pursuant to the Offer will be cancelled and will not be re-issued or re-sold. Notes which have not been validly offered and accepted for purchase pursuant to the Offer will remain outstanding."

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