At a Glance

PGIM worked closely and collaboratively with The AA to understand their financing ambitions both now and looking forward. It was clear entering the private placement market would not only enhance balance sheet diversification but allow the company greater optionality on future debt raises, for example, around different issuance sizes or more bespoke tenors.

In March 2025, PGIM were pleased to close and fund £70mm of 5-year Senior Secured Notes that supported a broader refinancing while establishing a platform for a long-term relationship between both parties.

Key to The AA deciding to partner with PGIM was flexibility in tailoring the structure of issuance, diversification of capital structure, the ability to draw in smaller increments vs. the public bond market, and certainty and timing of execution.

We are excited to formalize our partnership with The AA through this investment and look forward to further supporting the business in the years to come.