Completion of refinancing of Class A3 Notes

31 July 2020

AA PLC ("AA")

Completion of refinancing of Class A3 Notes

AA announces that its subsidiary, AA Bond Co Limited, has completed the refinancing of £200m outstanding Class A3 notes due 31 July 2020 using proceeds from the Senior Term Facility (STF) drawn in April 2020.

The STF has a maturity of 31 July 2023 and is subject to an interest rate of LIBOR plus a margin of 1.75 percent per annum.

The Group intends to continue to proactively manage its capital structure, including refinancing of the A5 and B2 Notes due in 2022, subject to market conditions.

Forward Looking Statements

This release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions. These forward-looking statements can be identified by the use of forward-looking terminology, including, but not limited to, terms such as "aim", "anticipate", "assume", "believe", "continue", "could", "estimate", "expect", "forecast", "guidance", "intend", "may", "outlook", "plan", "predict", "project", "should", "will" or "would" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts and include statements regarding AA plc's and the Issuer's intentions, beliefs or current expectations concerning, among other things, AA plc and its subsidiaries' future financial conditions and performance, results of operations and liquidity, strategy, plans, objectives, prospects, growth, goals and targets, future developments in the markets in which AA plc and its subsidiaries participate or are seeking to participate, and anticipated regulatory changes in the industry in which AA plc and its subsidiaries operate. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking statements are not guarantees of future performance and are based on numerous assumptions. Given these risks and uncertainties, readers should not rely on forward looking statements as a prediction of actual results.

ENDS

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AA plc is listed on the London Stock Exchange

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