By Wendy Van Sickle
Columbus, Ohio, Sept. 25 – Aston Martin Capital Holdings Ltd. privately placed $150 million of 12% senior secured notes due April 15, 2022, according to a Wednesday press release.
The coupon comprises a 6% cash component and a 6% PIK component.
There is a delayed-draw option for $100 million of additional notes that may be issued, subject to a condition of 1,400 orders of the DBX luxury sport utility vehicle being received within nine months.
The company may issue the delayed-draw notes on the same terms as the 12% secured notes or may issue all or part of the delayed-draw notes as unsecured notes with a 15% coupon, comprising a 6% cash component and a 9% PIK component.
“At the H1 results we highlighted that we expected macroeconomic headwinds and uncertainty to continue,” Mark Wilson, Aston Martin Lagonda’s chief financial officer, said in the release.
“These circumstances require flexibility in our financing arrangements ... What we have announced today is a cost and time-effective structure that immediately strengthens our liquidity in the short term and the option to draw further funding as we successfully execute [our] plan.”
The automobile manufacturer is based in Gaydon, England.
| Issuer: | Aston Martin Capital Holdings Ltd.
|
| Amount: | $150 million
|
| Maturity: | April 15, 2022
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| Security description: | Senior secured notes
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| Coupon: | 12% (6% cash, 6% PIK)
|
| Placement: | Private
|
| Announcement date: | Sept. 25
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