Business
Successful pricing of £1.15 billion refinancing
Successful pricing of £1.15 billion refinancing.
About this update from Aston Martin Lagonda Global Holdings Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,\nDIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES\nOF AMERICA, CANADA, JAPAN OR AUSTRALIA\n \n13 March 2024\n \nAston Martin Lagonda Global Holdings plc\n(\"Aston Martin Lagonda\", the \"Company\" or the \"Group\")\n Successful refinancing to strengthen the Company's\n financial position and support long-term growth\n\nAston Martin Lagonda is pleased to announce the successful pricing of a £1.15 billion refinancing exercise which will further strengthen the Company's financial position and support its long-term growth.\n \nThe Group is pleased to announce that its subsidiary, Aston Martin Capital Holdings Limited (the \"Issuer\"), successfully priced $960 million aggregate principal amount of 10.000% Senior Secured Notes due 2029 and £400 million aggregate principal amount of 10.375% Senior Secured Notes due 2029 (the \"Notes\").\n \nIn addition, existing lenders have entered into a new super senior revolving credit facility agreement, increasing their binding commitments by circa £70 million to £170 million. This new undrawn facility provides the Company with additional liquidity as it continues to accelerate its growth strategy.\n \nThe offering of the Notes is subject to customary closing conditions and settlement is expected to occur on or around March 21, 2024. The proceeds from the offering of the Notes, if completed, together with cash on balance sheet, will be used to redeem in full the Issuer's existing senior secured notes and second lien split coupon notes, to repay in full the borrowings under its existing revolving credit facility and to pay expenses and fees in connection with the transactions, including the early interest payment in March that was due in April 2024.\n \nLawrence Stroll, Executive Chairman of Aston Martin, commented:\n \"Having reinvigorated our iconic brand and product portfolio, the successful pricing of this planned refinancing marks another significant step in transforming our balance sheet and aligning Aston Martin for a positive financial future.\n\n\"The strong demand from the global credit markets for our new five-year US dollar and pound sterling notes outlines continued confidence in our business strategy, while the simultaneous upgrade from leading credit agencies, represents the progress we've...