By Paul A. Harris
Portland, Ore., Feb. 25 – Aston Martin Lagonda Global Holdings plc price a £70 million equivalent dollar-denominated add-on to its 10½% senior secured notes due Nov. 30, 2025 (existing ratings Caa1/CCC) at 109 in a Thursday drive-by, according to a market source.
The transaction generated $98.5 million of proceeds.
The notes were sold via Aston Martin Capital Holdings Ltd.
Joint global coordinator and joint physical bookrunner JPMorgan will bill and deliver. Barclays was also a joint global coordinator and joint physical bookrunner. Passive bookrunners were Credit Suisse, Deutsche Bank and HSBC.
The Graydon, U.K.-based luxury sports car manufacturer plans to use the proceeds for general corporate purposes, including working capital requirements and capital expenditures.
| Issuer: | Aston Martin Capital Holdings Ltd.
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| Face amount: | £70 million equivalent
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| Proceeds: | $98.5 million
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| Maturity: | Nov. 30, 2025
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| Security description: | Add-on to 10½% senior secured notes due Nov. 30, 2025
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| Physical bookrunners: | JPMorgan (bill and deliver) and Barclays
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| Passive bookrunners: | Credit Suisse, Deutsche Bank and HSBC
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| Coupon: | 10½%
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| Price: | 109
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| Call: | Callable at par after Nov. 30, 2024
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| Trade date: | Feb. 24
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| Settlement date: | March 4
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| Existing ratings: | Moody's: Caa1
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| S&P: CCC
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| Distribution: | Rule 144A and Regulation S
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| Marketing: | Drive-by
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| Original issue: | $1,085,500,000 priced in October 2020
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| Fungibility: | Rule 144A add-on notes will immediately become fungible with the original notes; Regulation S notes will become fungible with the original notes after 40 days
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