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Aston Martin launches upsized £550 million equivalent secured notes in two tranches
By Paul A. Harris
Portland, Ore., March 31 – Aston Martin Capital Holdings Ltd. launched an upsized £550 million equivalent two-part offering of five-year senior secured notes (B3/B-) on Friday, at the conclusion of an international investor roadshow, according to a market source.
The notes are coming in tranches sized at $400 million and £230 million.
The overall issue size is increased from £530 million equivalent.
The dollar-denominated notes are launched at 6½%.
The sterling-denominated notes are launched at 5¾%.
Pricing is expected shortly.
Global coordinator JPMorgan will bill and deliver for the Rule 144A and Regulation S deal. Deutsche Bank and Goldman Sachs are also global coordinators.
BofA Merrill Lynch, HSBC, Morgan Stanley, Standard Chartered and UniCredit are bookrunners.
The notes come with two years of call protection.
The Gaydon, England-based automobile manufacturer plans to use proceeds to redeem the Aston Martin Capital Ltd. senior secured notes due 2018 and the Aston Martin Holdings (UK) Ltd. senior subordinated PIK notes due 2018 and for general corporate purposes.
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