Aston Martin Lagonda Global Holdings PLC - Gaydon, England-based luxury sports car maker - Announces the successful pricing of a £1.15 billion refinancing exercise which says will further strengthen the company’s financial position and support its long-term growth. Says subsidiary, Aston Martin Capital Holdings Ltd, priced $960 million aggregate principal amount of 10.00% senior secured notes due 2029 and £400 million aggregate principal amount of 10.375% senior secured notes due 2029. In addition, states existing lenders have entered into a new super senior revolving credit facility agreement, which increases by around £70 million to £170 million. Aston Martin says this provides additional liquidity as it continues to accelerate its growth strategy. Settlement is expected on or around March 21. Proceeds will be used to redeem existing senior secured notes and second lien split coupon notes, and repay in full the borrowings under its existing revolving credit facility. Executive Chair Lawrence Stroll says the ‘successful pricing of this planned refinancing marks another significant step in transforming our balance sheet and aligning Aston Martin for a positive financial future’. Stroll adds: ‘With Aston Martin’s long-term financing now secured, we can focus on the continued execution of our brand and product strategy which will underpin the attainment of our near and medium-term financial targets.’

Current stock price: 168.40 pence, up 0.5% in London on Wednesday

12-month change: down 36%

Copyright 2024 Alliance News Ltd. All Rights Reserved.