By Paul A. Harris
Portland, Ore., March 31 – Aston Martin Capital Holdings Ltd. launched and priced an upsized £550 million equivalent two-part offering of five-year senior secured notes (B3/B-) on Friday, according to a market source.
The deal included $400 million of the notes, which priced at par to yield 6½%, and £230 million of notes, which priced at par to yield 5¾%.
The overall issue size is increased from £530 million equivalent.
Global coordinator JPMorgan will bill and deliver for the Rule 144A and Regulation S deal. Deutsche Bank and Goldman Sachs were also global coordinators.
BofA Merrill Lynch, HSBC, Morgan Stanley, Standard Chartered and UniCredit were bookrunners.
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.
| Issuer: | Aston Martin Capital Holding Ltd.
|
| Amount: | £550 million equivalent, increased from £530 million equivalent
|
| Maturity: | April 15, 2022
|
| Securities: | Senior secured notes
|
| Global coordinators: | JPMorgan (bill and deliver), Deutsche Bank, Goldman Sachs
|
| Bookrunners: | BofA Merrill Lynch, HSBC, Morgan Stanley, Standard Chartered, UniCredit
|
| Call protection: | Two years
|
| Trade date: | March 31
|
| Ratings: | Moody's B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Dollar-denominated tranche
|
| Amount: | $400 million
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
|
|
| Sterling-denominated tranche
|
| Amount: | £230 million
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
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