REG - Aston Martin Lagonda - Announcement of successful private debt placing

Aston Martin Lagonda Global HoldingsAnnouncement

02/08/2024 07:00

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RNS Number : 8951Y  Aston Martin Lagonda Glob.Hldgs PLC  02 August 2024

2 August 2024

Aston Martin Lagonda Global Holdings plc

("Aston Martin", the "Company" or the "Group")

Announcement of successful private debt placing

Aston Martin is pleased to announce the successful private placement of senior
secured notes totaling approximately £135 million (equivalent), further
strengthening the Company's financial position and supporting its long-term
growth. The net proceeds from the offering are expected to be used by the
Group to repay the borrowings under its existing super senior revolving credit
facility (the "RCF"), to pay fees and expenses and for general corporate
purposes.

Together with its affiliates, the Group's subsidiary Aston Martin Capital
Holdings Limited (the "Issuer") has privately placed $90 million aggregate
principal amount of 10.000% senior secured notes due 2029 (the "Dollar Notes")
and £65 million aggregate principal amount of 10.375% senior secured notes
due 2029 (the "Sterling Notes", and, together with the Dollar Notes, the
"Notes").

The Notes constitute a further issuance of the Issuer's 10.000% Senior Secured
Notes due 2029 (the "Existing Dollar Notes") and the Issuer's 10.375% Senior
Secured Notes due 2029 (the "Existing Sterling Notes", and, together with the
Existing Dollar Notes, the "Existing Notes"), in each case, issued on March
21, 2024. The Dollar Notes will constitute a single class of debt securities
under the indenture dated March 21, 2024 (the "Indenture") with the Existing
Dollar Notes. The Sterling Notes will constitute a single class of debt
securities under the Indenture with the Existing Sterling Notes. The Notes
will vote as a single series with respect to waivers, amendments, redemptions
and offers to purchase, except as otherwise specified with respect to the
Notes.

Doug Lafferty, Aston Martin Chief Financial Officer commented:

"Last week at our first half 2024 results we highlighted the positive progress
made by Aston Martin so far this year as we continue to execute our immense
product transformation, which will support volume growth and sustainable
positive free cash flow generation later this year.

"Following positive feedback after the results from the capital markets with
encouraging demand from the Company's existing bond holders, we are pleased to
announce today that we have successfully priced a £135m equivalent private
placement. These new Senior Secured Notes, along with the refinancing
completed in March 2024, provide Aston Martin with additional liquidity as we
continue an exciting second half of the year."

 

 

Inside Information

This announcement contains inside information within the meaning of Article
7(1) of the EU Market Abuse Regulation No. 596/2016 as it forms part of UK law
by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"). The person
responsible for releasing this announcement on behalf of Aston Martin is Liz
Miles, Company Secretary.

Cautionary Statement

The Notes will be offered only to non-U.S. persons outside the United States
pursuant to Regulation S under the U.S. Securities Act of 1933, as amended
(the "Securities Act"), subject to prevailing market and other conditions.
There is no assurance that the offering will be completed or, if completed, as
to the terms on which it is completed. The Notes to be offered have not been
and will not be registered under the Securities Act or the securities laws of
any other jurisdiction and may not be offered or sold, directly or indirectly,
in the United States or to or for the account or benefit of U.S. persons, as
such term is defined in Regulation S of the Securities Act, absent
registration or unless pursuant to an applicable exemption from the
registration requirements of the Securities Act and any other applicable
securities laws. This press release does not constitute an offer to sell or
the solicitation of an offer to buy the Notes, nor shall it constitute an
offer, solicitation or sale in any jurisdiction in which such offer,
solicitation or sale would be unlawful.

The Notes are not intended to be offered, sold or otherwise made available to,
and should not be offered, sold or otherwise made available to, any retail
investor in the European Economic Area ("EEA") or in the United Kingdom. For
these purposes, a "retail investor" in the EEA means a person who is one (or
more) of: (i) a "retail client" as defined in point (11) of Article 4(1) of
Directive 2014/65/EU (as amended, "MiFID II"), (ii) a customer within the
meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution
Directive"), where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II or (iii) not a "qualified
investor" as defined in Regulation (EU) 2017/1129 (as amended, the "Prospectus
Regulation"). A "retail investor" in the UK means a person who is one (or
more) of: (i) a "retail client" as defined in point (8) of Article 2 of
Regulation (EU) No 2017/565 as it forms part of UK domestic law by virtue of
EUWA, (ii) a customer within the meaning of the provisions of the Financial
Services and Markets Act 2000 (as amended, "FSMA") and any rules or
regulations made under the FSMA to implement the Insurance Distribution
Directive, where that customer would not qualify as a professional client as
defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it
forms part of UK domestic law by virtue of the EUWA or (iii) not a "qualified
investor" as defined in Article 2 of the Prospectus Regulation, as it forms
part of UK domestic law by virtue of the EUWA (the "UK Prospectus
Regulation").

This announcement does not constitute and shall not, in any circumstances,
constitute a public offering nor an invitation to the public in connection
with any offer within the meaning of the Prospectus Regulation and the UK
Prospectus Regulation. The offer and sale of the Notes will be made pursuant
to an exemption under the Prospectus Regulation and the UK Prospectus
Regulation from the requirement to produce a prospectus for offers of
securities.

The manufacturer target market (MIFID II product governance and UK MiFIR
product governance) is eligible counterparties and professional clients only
(all distribution channels). No PRIIPs or UK PRIIPs key information document
(KID) has been prepared as the Notes are not available to retail clients in
the EEA or in the United Kingdom.

This communication does not constitute an offer of securities to the public in
the United Kingdom and is being distributed only to, and is directed only at
persons who are "qualified investors" (as defined in the UK Prospectus
Regulation) who are (i) persons having professional experience in matters
relating to investments falling within Article 19(5) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the
"Order"), or (ii) high net worth entities falling within Article 49(2)(a) to
(d) of the Order, or (iii) outside the United Kingdom; or (iv) persons to whom
it would otherwise be lawful to distribute it, all such persons together being
referred to as "Relevant Persons"). In the UK, any investment or investment
activity to which this communication relates is available only to Relevant
Persons and will be engaged in only with Relevant Persons. Any person who is
not a Relevant Person should not act or rely on this communication or any of
its contents.

Forward-Looking Statements

This press release may include forward-looking statements. These
forward-looking statements can be identified by the use of forward-looking
terminology, including the terms "believes," "estimates," "anticipates,"
"expects," "intends," "may," "will" or "should" or, in each case, their
negative, or other variations or comparable terminology. These forward-looking
statements include all matters that are not historical facts and include
statements regarding the Group's or its affiliates' intentions, beliefs or
current expectations concerning, among other things, the Group's or its
affiliates' results of operations, financial condition, liquidity, prospects,
growth, strategies and the industries in which they operate. By their nature,
forward-looking statements involve risks and uncertainties because they relate
to events and depend on circumstances that may or may not occur in the future.
Readers are cautioned that forward-looking statements are not guarantees of
future performance and that the Group's or its affiliates' actual results of
operations, financial condition and liquidity, and the development of the
industries in which they operate may differ materially from those made in or
suggested by the forward-looking statements contained in this press release.
In addition, even if the Group's or its affiliates' results of operations,
financial condition and liquidity, and the development of the industries in
which they operate are consistent with the forward-looking statements
contained in this press release, those results or developments may not be
indicative of results or developments in subsequent periods.

Enquiries

Investors and Analysts

James Arnold                        Head of Investor
Relations                                +44 (0)
7385 222347

james.arnold@astonmartin.com (mailto:james.arnold@astonmartin.com)

 

Ella South                              Investor
Relations Analyst                 +44 (0) 7776 545420

ella.south@astonmartin.com (mailto:ella.south@astonmartin.com)

Media

Kevin Watters                      Director of
Communications                            +44 (0)
7764 386683

 
                kevin.watters@astonmartin.com
(mailto:kevin.watters@astonmartin.com)

 

Paul Garbett                         Head of Corporate
and                       +44 (0) 7501 380799

Brand Communications
paul.garbett@astonmartin.com (mailto:paul.garbett@astonmartin.com)

FGS Global

James Leviton and Jenny Bahr
 
                +44 (0) 20 7251 3801

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