By Paul Deckelman
New York, June 10 - Aston Martin Capital Ltd., a unit of British luxury carmaker Aston Martin Lagonda Ltd., priced £304 million of seven-year senior secured notes (B2/BB-) on Friday.
The notes priced at 98.7186, a high yield market source said.
Deutsche Bank AG, Credit Suisse and UBS were the joint bookrunners, with Deutsche Bank billing and delivering. The deal was sold under Rule 144A and Regulation S for the life of the issue.
The bonds will be non-callable for their first three years.
The deal first surfaced in the primary arena this past Monday and was marketed to investors via a European roadshow that included stops in London, Edinburgh, Paris and Frankfurt, as well as a presentation at the Deutsche Bank European Corporate and High Yield Bond Conference in London on Thursday.
The Gaydon, England-based manufacturer of luxury sports vehicles plans to use the deal proceeds to refinance a £200 million bank loan. It will also purchase £52 million of preference shares held by Ford Motor Co. - which owned Aston Martin from 1994 to 2007, when it sold all but a small stake in the company for £479 million. The sale was part of Ford's dismantling of its money-losing Premier Auto Group, the umbrella under which it also grouped such other iconic European car brands as Jaguar, Land Rover and Volvo until they too were sold. Aston Martin also plans to pay a £30 million dividend to its equity holders.
| Issuer: | Aston Martin Capital Ltd. (subsidiary of Aston Martin Lagonda Ltd.)
|
| Amount: | £304 million
|
| Maturity: | July 15, 2018
|
| Security description: | Senior secured notes
|
| Left bookrunner: Deutsche Bank AG
|
| Joint bookrunners: | Credit Suisse, UBS
|
| Coupon: | 9¼%
|
| Price: | 98.7186
|
| Spread: | 693 bps over Gilt due May 13, 2018
|
| Call features: | Non-callable until July 15, 2014, then callable at 106.94.
|
| Equity clawback: | For up to 35% at 109.25 until July 15, 2014
|
| Change-of-control put: | 101%
|
| Trade date: | June 10
|
| Settlement date: | June 21
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A/Regulation S for life
|
| Marketing: | Roadshow June 7-9
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
