Aston Martin offers to buy notes for up to $200 million

By Marisa Wong

Los Angeles, Sept. 29 – Aston Martin Lagonda Global Holdings plc announced it has begun offers to purchase for cash notes from two series for up to a total tender consideration of $200 million.

The company is offering to purchase from its $1,184,000,000 outstanding 10½% senior secured notes due 2025 (ISIN: USG05891AH20) and $366,106,817 outstanding 15% second-lien split coupon notes due 2026 (ISIN: USG05891AG47). The outstanding amount of 2026 notes includes payment-in-kind interest added to the original $335 million principal amount.

The purchase considerations will be determined under an unmodified Dutch auction procedure. The minimum purchase price will be par for the 2025 notes and 105 for the 2026 notes.

The maximum tender consideration excludes accrued interest that will be paid for notes tendered and accepted for purchase.

The offers will expire at 11 a.m. ET on Oct. 7.

Settlement will occur on Oct. 11.

The issuer said it reserves the right to increase or decrease the overall tender cap and to extend, amend or terminate the offers at any time.

The offers are not conditioned on any minimum amount of notes being tendered but are subject to some other conditions.

The issuer noted that it will only accept tenders with respect to the Regulation S notes of each series and will not be accepting tenders of the Rule 144A notes of either series.

The tender offer follows the company’s equity capital raise of about £653.8 million that was announced in July and completed on Wednesday. The company plans to use up to half of the equity issuance proceeds to repay its debt.

J.P. Morgan Securities plc (+44 20 7134 4353 or liability_management_EMEA@jpmorgan.com) and Barclays Bank plc (+44 20 3134 8515 or eu.lm@barclays.com) will act as dealer managers in connection with the tender offers.

Morrow Sodali Ltd. (https://projects.morrowsodali.com/AstonMartin; +852 2319 4130 or +44 20 4513 6933; AstonMartin@investor.morrowsodali.com) is the information and tender agent.

Aston Martin is a Gaydon, U.K.-based luxury sports car manufacturer.

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