By Abigail W. Adams
Portland, Me, Oct. 30 – Aston Martin Lagonda Global Holdings plc subsidiary Aston Martin Capital Holdings Ltd. priced $1,085,500,000 offering of five-year senior secured notes (Caa1/CCC) at par to yield 10½%, according to a market source.
J.P. Morgan Securities LLC, Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. were bookrunners for the Rule 144A and Regulation S deal.
The notes carry four years of call protection.
The deal was restructured to a single dollar-denominated tranche with price talk widening to the 10½% area, a source said.
The deal was initially launched as an £840 million equivalent two-tranche offering with dollar-denominated and sterling-denominated tranches.
Initial talk was in the high 8% area to 9% with both tranches carrying two years of call protection.
The Graydon, U.K.-based luxury sports car manufacturer plans to use the proceeds, together with other funds, to redeem its existing senior secured notes, to repay certain other debt and for general corporate purposes, including working capital and capital requirements.
| Issuer: | Aston Martin Capital Holdings Ltd.
|
| Amount: | $1,085,500,000
|
| Maturity: | Nov. 30, 2025
|
| Securities: | Senior secured notes
|
| Bookrunners: | J.P. Morgan Securities LLC (bill and deliver), Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc.
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Call Protection: | Four years
|
| Trade date: | Oct. 30
|
| Settlement date: | Nov. 16
|
| Ratings: | Moody's: Caa1
|
| S&P: CCC
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Initial talk was in the high 8% area to 9%
|
| Marketing: | Roadshow
|
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