Update for Class B2 Noteholders

21 FEB 2022

RAC BOND CO PLC

(a public limited company incorporated in England and Wales with registered no. 10084638)

 (the “Issuer”)

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY U.S. PERSON (AS DEFINED BELOW) OR IN OR INTO THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (together, the United States) OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

NOTICE

to the holders of

£300,000,000 Fixed Rate Class A Senior Secured Notes due 2046

(ISIN XS1404980846)

and

£600,000,000 Fixed Rate Class A Senior Secured Notes due 2046

(ISIN XS1404981141)

and

£345,000,000 Fixed Rate Class B2 Senior Secured Notes due 2046

(ISIN XS1645523579)

(the “Class B2 Notes”)

 21 February 2022

RAC Group’s £345 million Class B2 Secured Notes – release from escrow

The Issuer announces that, further to the offering of the Class B2 secured notes on the Official List of The International Stock Exchange announced on 18th October 2021, RAC Group has confirmed that the conditions for the release of the proceeds of the Offering from their escrow arrangements have now been met.

The Offering was made in the context of Silver Lake Technology Management L.L.C  becoming a co-shareholder of the RAC Group (the Silver Lake Transaction). RAC Group is pleased to confirm that the Silver Lake Transaction has become unconditional and will close on or around 11th March 2022. Accordingly, the release conditions to the escrow arrangements in relation to the proceeds of the Offering have now been satisfied and the proceeds will be released from escrow prior to the closing of the Silver Lake Transaction. As previously announced, the proceeds from the Offering will be used to make certain payments to shareholders of the RAC Group.

“RAC Group” means RAC Bidco Limited and each of its subsidiaries (other than the Issuer).

This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange and on The International Stock Exchange

For Investor enquiries, please contact:
 

Jo Baker, Chief Financial Officer                [email protected]

For Media enquiries, please contact:
 

RAC Press Office           [email protected]

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