Aston Martin to sell $1.05 billion of five-year senior secured notes; talk widens to 10½% area

By Abigail W. Adams

Portland, Me., Oct. 30 – Aston Martin Lagonda Global Holdings plc restructured its offering of five-year senior secured notes (expected ratings Caa2/CCC) to a single $1.05 billion tranche and widened talk to the 10½% area, according to a market source.

Books close at 11:30 a.m. ET on Friday.

The notes carry four years of call protection.

JPMorgan is leading the Rule 144A and Regulation S deal.

The deal was initially launched as an £840 million equivalent two-tranche offering of five-year senior secured notes in 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.

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