Reuters – Carlyle Hires Bankers for RAC Dividend Payout


Private equity firm Carlyle Group has hired BNP Paribas and Deutsche Bank to arrange a 260 million pound ($418 million) loan for UK roadside rescue business RAC to pay itself a dividend. Bank of America Merrill Lynch, Credit Suisse, HSBC, JPMorgan and UBS are also bookrunners on the deal, the banks and the company said in a statement.

(Reuters) – Private equity firm Carlyle Group has hired BNP Paribas and Deutsche Bank to arrange a 260 million pound ($418 million) loan for UK roadside rescue business RAC to pay itself a dividend.

Bank of America Merrill Lynch, Credit Suisse, HSBC, JPMorgan and UBS are also bookrunners on the deal, the banks and the company said in a statement.

The dividend recapitalisation – a process that involves debt being added to existing borrowings to pay a dividend – comes after RAC reduced its existing 620 million pounds of loans put in place last year when Carlyle bought the business.