Home News Aston Martin secures $150 million from bond issue

Aston Martin secures $150 million from bond issue

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FILE PHOTO: The Aston Martin Lagonda Vision Concept automotive is pictured through the 88th Geneva International Motor Show in Geneva, Switzerland, March 6, 2018. REUTERS/Denis Balibouse/File Photo

LONDON (Reuters) – Luxury carmaker Aston Martin Lagonda (AML.L) mentioned it had raised $150 million from a bond issue, with the choice to boost one other $100 million if order targets are met, to enhance its liquidity in a unsure buying and selling setting.

The most important tranche includes 12% notes due in 2022, whereas the extra notes might be issued beneath the identical phrases if permitted or might be issued as unsecured notes with an rate of interest of 15%, it mentioned on Wednesday.

Chief Financial Officer Mark Wilson mentioned the corporate anticipated financial headwinds and uncertainty to proceed.

“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 the plan,” he mentioned.

Reporting by Paul Sandle; Editing by Kim Coghill

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