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Pin to quick picksAston Martin Lagonda Share News (AML)

Share Price Information for Aston Martin Lagonda (AML)

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Share Price: 172.70
Bid: 172.30
Ask: 172.70
Change: -0.80 (-0.46%)
Spread: 0.40 (0.232%)
Open: 168.60
High: 174.80
Low: 168.60
Prev. Close: 173.50
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Aston Martin raises £152m to get through Covid-19 crisis

Fri, 26th Jun 2020 07:04

(Sharecast News) - Aston Martin Lagonda has raised £152m from equity investors to get through the Covid-19 crisis and a period of destocking by dealers.


The luxury carmaker said it would issue 304m new shares priced at 50p each - an 8.1% discount to the middle market price when the placing price was agreed.

The shares, sold to institutional and retail investors, represent 19.99% of its share capital before the sale. The £152m raised includes fees to be paid to advisers on the transaction.

Aston Martin announced the fundraising on Friday morning and set the price through a bookbuild carried out by its investment bank advisers. The company had irrevocable undertakings from investors to take up 32.8% of the new shares.

In a trading update the FTSE 250 company said trading was difficult in many markets but that the business was starting to resume more normal operation after disruption by Covid-19. The company was already struggling before the coronavirus shutdown closed its factories and dealerships and has been withdrawing unsold stock from showrooms to balance supply and demand.

Aston Martin shares fell 17.6% to 51.40p at 13:30 BST. The shares have lost 85% of their value in the past year.

Retail sales and wholesales will be lower in the second quarter than in the first three months of the year. But Aston Martin said more than 90% of its dealer network was open with half of branches fully open. All 18 dealers in China have been open since mid-May and "early signs are positive", the company said.

Aston Martin said it would receive a £20m loan under the government's Coronavirus Large Business Interruption Loan Scheme and that plans to draw $68m of delayed draw senior secured notes at 12% coupon had exceeded the order condition. It is also in talks to secure up to £50m of trade financing.

Executive Chairman Lawrence Stroll said: "We have taken decisive action to improve the cost efficiency of the company, in alignment with reduced sports car production levels, and are focused on cost and investment control consistent with restoring profitability. Today we announce further steps to improve financial flexibility in a period of ongoing uncertainty with this additional funding to execute the business plan."

Stroll, a Canadian billionaire, took over as executive chairman in April after making an investment as part of an earlier fundraising. Tobias Moers will join from Mercedes-AMG as chief executive in August, putting Aston Martin under new management.

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IN BRIEF: Aston Martin successfully prices GBP1.15 billion note offer

Aston Martin Lagonda Global Holdings PLC - Gaydon, England-based luxury sports car maker - Announces the successful pricing of a GBP1.15 billion refinancing exercise which says will further strengthen the company's financial position and support its long-term growth. Says subsidiary, Aston Martin Capital Holdings Ltd, priced USD960 million aggregate principal amount of 10.00% senior secured notes due 2029 and GBP400 million aggregate principal amount of 10.375% senior secured notes due 2029. In addition, states existing lenders have entered into a new super senior revolving credit facility agreement, which increases by around GBP70 million to GBP170 million. Aston Martin says this provides additional liquidity as it continues to accelerate its growth strategy. Settlement is expected on or around March 21. Proceeds will be used to redeem existing senior secured notes and second lien split coupon notes, and repay in full the borrowings under its existing revolving credit facility. Executive Chair Lawrence Stroll says the "successful pricing of this planned refinancing marks another significant step in transforming our balance sheet and aligning Aston Martin for a positive financial future". Stroll adds: "With Aston Martin's long-term financing now secured, we can focus on the continued execution of our brand and product strategy which will underpin the attainment of our near and medium-term financial targets."

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11 Mar 2024 09:13

IN BRIEF: Aston Martin offers GBP1.1 billion in new senior debt notes

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