Business
Announcement of successful private debt placing
Announcement of successful private debt placing.
About this update from Aston Martin Lagonda Global Holdings Plc
[{"type":"text","content":"\n\n2 August 2024\nAston Martin Lagonda Global Holdings plc\n(\"Aston Martin\", the \"Company\" or the \"Group\")\nAnnouncement of successful private debt placing\nAston Martin is pleased to announce the successful private placement of senior secured notes totaling approximately £135 million (equivalent), further strengthening the Company's financial position and supporting its long-term growth. The net proceeds from the offering are expected to be used by the Group to repay the borrowings under its existing super senior revolving credit facility (the \"RCF\"), to pay fees and expenses and for general corporate purposes.\nTogether with its affiliates, the Group's subsidiary Aston Martin Capital Holdings Limited (the \"Issuer\") has privately placed $90 million aggregate principal amount of 10.000% senior secured notes due 2029 (the \"Dollar Notes\") and £65 million aggregate principal amount of 10.375% senior secured notes due 2029 (the \"Sterling Notes\", and, together with the Dollar Notes, the \"Notes\").\nThe Notes constitute a further issuance of the Issuer's 10.000% Senior Secured Notes due 2029 (the \"Existing Dollar Notes\") and the Issuer's 10.375% Senior Secured Notes due 2029 (the \"Existing Sterling Notes\", and, together with the Existing Dollar Notes, the \"Existing Notes\"), in each case, issued on March 21, 2024. The Dollar Notes will constitute a single class of debt securities under the indenture dated March 21, 2024 (the \"Indenture\") with the Existing Dollar Notes. The Sterling Notes will constitute a single class of debt securities under the Indenture with the Existing Sterling Notes. The Notes will vote as a single series with respect to waivers, amendments, redemptions and offers to purchase, except as otherwise specified with respect to the Notes.\nDoug Lafferty, Aston Martin Chief Financial Officer commented:\n\"Last week at our first half 2024 results we highlighted the positive progress made by Aston Martin so far this year as we continue to execute our immense product transformation, which will support volume growth and sustainable positive free cash flow generation later this year.\n\"Following positive feedback after the results from the capital markets with encouraging demand from the Company's existing bond holders, we are pleased to announce today that we have successfully priced a £135m equival...