McLaren talks $620 million five-year secured notes at 7¾% area yield; pricing Thursday

By Paul A. Harris

Portland, Ore., July 21 – McLaren Automotive talked its $620 million offering of five-year senior secured notes (Caa1/CCC+/B) to yield in the 7¾% area, according to market sources.

Initial guidance was in the low 8% area.

The deal is set to price on 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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