By Paul A. Harris
Portland, Ore., March 13 – Aston Martin Lagonda Global Holdings plc priced an upsized £1.15 billion equivalent two-part offering of five-year senior secured notes (B3/B-/B) on Wednesday, according to market sources.
The offering, which is heard to have played 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 $960 million tranche priced at par to yield 10%. The tranche size decreased to approximately £750 million equivalent from £800 million equivalent. The yield printed 25 basis points beneath the tight end of the 10¼% to 10½% price talk. Early guidance was 10½% to 11%.
An upsized £400 million tranche of sterling-denominated notes priced at par to yield 10 3/8%. The tranche upsized from £350 million and priced tight to talk that had it coming 50 bps 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 underwent document changes earlier in the week.
The notes were sold via issuer Aston Martin Capital Holdings Ltd.
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.
| Issuer: | Aston Martin Capital Holdings Ltd.
|
| Amount: | £1.15 billion-equivalent upsized from £1.14 billion equivalent
|
| Issue: | Senior secured notes
|
| Maturity: | March 31, 2029
|
| Call protection: | Two years
|
| Trade date: | March 13
|
| Settlement date: | March 21
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Dollar notes
|
| Amount: | $960 million
|
| Physical bookrunner: | Goldman Sachs (bill and deliver)
|
| Global coordinator: | Barclays
|
| Joint bookrunners: | Deutsche Bank and HSBC
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Spread: | 579 bps
|
| Price talk: | 10¼% to 10½%
|
|
|
| Sterling notes
|
| Amount: | £400 million
|
| Physical bookrunner: | Barclays (bill and deliver)
|
| Global coordinator: | Goldman Sachs
|
| Joint bookrunner: | Deutsche Bank
|
| Coupon: | 10 3/8%
|
| Price: | Par
|
| Yield: | 10 3/8%
|
| Spread: | 645 bps
|
| Price talk: | 50 bps behind dollar-denominated notes
|
|
|
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