Aston Martin accepts $184.07 million tendered notes from two series

By Marisa Wong

Los Angeles, Oct. 10 – Aston Martin Lagonda Global Holdings plc announced the results of its Sept. 29 offers to purchase for cash notes from two series for up to a maximum total tender consideration of $200 million, excluding accrued interest. The offer expired at 11 a.m. ET on Oct. 7.

Aston Martin offered 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 company has accepted for purchase $40.28 million of 2025 notes tendered at the minimum purchase price and $143,790,041 of 2026 notes tendered at various prices, according to a Monday press release.

The total tender consideration is $200,000,629, excluding accrued interest.

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

Because the aggregate amount of 2025 notes tendered at the minimum purchase price was above the series acceptance amount, the issuer has applied a scaling factor of 11.063% for the 2025 notes, rejecting all notes of that series that were tendered above the minimum purchase price.

There is no scaling on the tendered 2026 notes.

Settlement will occur on Oct. 11.

After settlement, $1,143,720,000 of the 2025 notes and $222,316,776 of the 2026 notes will remain outstanding.

The issuer noted before that it would only accept tenders with respect to the Regulation S notes of each series and would 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 Sept. 28. 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) are 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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