At a Glance

PGIM initiated a direct calling relationship with RAC in 2023. RAC has historically accessed the bank and public bond markets for its debt requirements. However, RAC was interested in exploring a Private Placement as an alternative to these funding sources. A Private Placement provided more flexibility and ease of execution as compared to the sterling public bond market, noting the uncertain issuance environment and more rigid minimum benchmark sizes in the public debt markets. Further, a Private Placement enabled RAC to access longer term financing and diversify its existing financing sources.

We worked extensively with RAC to understand their financing needs and determine how a Private Placement could best fit into the Company’s existing debt structure. In 2025, PGIM provided the Company with £50mm 5-year Senior Secured Notes to assist them in achieving their financing ends.

RAC chose to work with PGIM given our relationship-based approach, flexibility that enabled RAC to diversify its financing sources, select bespoke tenors, and issuance amounts; and certainty of execution.

We deeply value this opportunity to work with RAC, and we look forward to continuing to support the business over the long term.