Aston Martin sets tranches, coupons for upsized £1.15 billion equivalent notes; pricing Wednesday

By Paul A. Harris

Portland, Ore., March 13 – Aston Martin Lagonda Global Holdings plc set tranche sizes, coupons and prices on its upsized £1.15 billion-equivalent two-part offering of five-year senior secured notes (B3/B-/B) on Wednesday, according to market sources.

The Rule 144A and Regulation S deal, which is heard to be playing to huge demand, upsized from £1.14 billion equivalent, and underwent a shift of proceeds to its sterling-denominated tranche from its dollar-denominated tranche.

A downsized £750 million-equivalent tranche of dollar-denominated notes launched on Wednesday morning with a 10% coupon at par. The tranche downsized from £800 million equivalent and launched inside of the 10¼% to 10½% price talk. Early guidance was 10½% to 11%.

An upsized £400 million tranche of sterling-denominated notes launched with a 10 3/8% coupon at par. The tranche upsized from £350 million and launched tight to talk that had it coming 50 basis points behind the dollar-denominated notes.

Demand for the dollar-denominated notes was heard to be $6 billion on Wednesday morning, a trader said, and added hearing that sterling order books contained £3 billion of demand at that time.

The deal, which underwent document changes earlier in the week, is expected to price and allocate later Wednesday.

Goldman Sachs is the sole physical bookrunner and will bill and deliver for the dollar-denominated notes. Barclays is the global coordinator. Deutsche Bank and HSBC are the joint bookrunners.

Barclays is a physical bookrunner and will bill and deliver for the sterling-denominated notes. Goldman Sachs is the global coordinator. Deutsche Bank is the joint bookrunner.

The Gaydon, U.K.-based luxury car designer and manufacturer plans to use the proceeds from the Rule 144A and Regulation S deal, plus balance sheet cash, to refinance its notes maturing in 2025 and 2026 and to repay amounts drawn on its revolving credit facility.

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