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Aston Martin (LON:AML) is pleased to announce the successful private placement of senior secured notes totaling approximately £135 million. This move is set to further enhance the Company's financial stability and support its strategic growth objectives.
Details of the Placement
Aston Martin Capital Holdings Limited, a subsidiary of Aston Martin, has issued two series of senior secured notes:
- Dollar Notes: $90 million aggregate principal amount of 10.000% senior secured notes due 2029.
- Sterling Notes: £65 million aggregate principal amount of 10.375% senior secured notes due 2029.
These new notes represent a further issuance of the Issuer's existing senior secured notes, initially issued on March 21, 2024. The Dollar Notes will be integrated as a single class of debt securities with the previously issued Dollar Notes under the same indenture dated March 21, 2024. Similarly, the Sterling Notes will be combined with the previously issued Sterling Notes under the same indenture.
Use of Proceeds
The net proceeds from this offering are expected to be utilized as follows:
- Repayment of Existing Debt: Funds will be used to repay borrowings under the Company’s existing super senior revolving credit facility (the "RCF").
- Fees and Expenses: Proceeds will cover related fees and expenses.
- General Corporate Purposes: Additional proceeds will support the Company’s general corporate needs.
Structure and Governance
The newly issued Notes will vote as a single series with the existing notes regarding waivers, amendments, redemptions, and offers to purchase, except as otherwise specified. This unified approach aims to streamline governance and enhance flexibility in debt management.
