McLaren starts roadshow for $620 million five-year secured notes

By Paul A Harris

Portland, Ore., July 19 – McLaren Automotive started a roadshow on Monday for a $620 million offering of five-year senior secured notes (Caa1/CCC+/B), according to market sources.

Initial guidance has the deal coming to yield in the low 8% area.

The roadshow is set to run through Thursday.

Goldman Sachs is the lead.

The notes come with two years of call protection.

The issuing entity will be McLaren Finance plc.

The Woking, England-based auto manufacturer plans to use the proceeds to refinance debt and improve its liquidity.

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