RLPC-Carlyle hires banks for RAC dividend payout
LONDON, Oct 4 (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.
($1 = 0.6222 British pounds)
(Reporting by Isabell Witt. Editing by Jane Merriman)
Keywords: CARLYLE BANKS/