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Aston Martin Readies £530 Million Bond Offer
Aston Martin Lagonda Ltd. plans a £530 million ($668 million) bond offer to refinance debt and pay for new and updated models.
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Aston Martin Lagonda Ltd. plans a £530 million ($668 million) bond offer to refinance debt and pay for new and updated models.
The British luxury car company is expected to announce the five-year debt issue on Friday, according to the Financial Times. The London-based newspaper says the offering will consist of high-yield debt and at least $400 million in senior secured notes.
Aston Martin is midway through a turnaround that will refresh its entire lineup, open a production facility in Wales in 2020, debut the marque’s first SUV/crossover and add two supercars by 2021. The company hopes to triple annual sales to 15,000 units by the end of this decade.
Aston Martin has been insolvent seven times since it began 104 years ago. The company’s most recent full-year profit was in 2010. Last year its pretax losses surged 24% to £163 million ($212 million).
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