Acromas Holdings, the owner of the AA and Kent-based Saga Group, is poised to unveil a £3 billion refinancing deal that could pave the way for a break-up of the company.

A bond issue would aim to refinance the AA, the motor services firm which could eventually be split from the group.

Acromas is owned by private equity firms Charterhouse, CVC and Permira and was formed in 2007 through the £6.2bn merger of Saga, the finance and holiday services group for the over-50s, and the AA.

Both have been run on a mainly separate basis since then, although some expertise has been pooled. The sum included a £2bn dividend for its three owners who now want to replace high interest loans with cheaper long-term debt.

Acromas has performed well since its 2007 acquisition, which was backed by £4.8bn of debt. Its net bank and other borrowings stood at £4.1bn in 2011-12, although it has substantial cash reserves of around £1bn.

Saga director of communications Paul Green said: “We can confirm that we are considering issuing bonds, the proceeds of which would be used to repay existing bank debt. There are no payments to shareholders and no change in ownership of the AA or Saga.”

He added: “I am unable to comment further due to regulatory considerations.”