Aston Martin Completes 12% Senior Secured Split Coupon Notes and 12%/15% Delayed Draw Senior Split Coupon Notes Offering
10.09.19
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Simpson Thacher represented Aston Martin in connection with an offering of $150 million in aggregate principal amount of 12% Senior Secured Split Coupon Notes due 2022 and up to $100 million in aggregate principal amount of 12%/15% Delayed Draw Senior Split Coupon Notes due 2022. Pricing on the Delayed Draw Notes will depend on whether the notes are secured. The Senior Secured Notes transaction closed on October 8, 2019. The issuance of the Delayed Draw Notes is subject to certain conditions being satisfied within nine months of the closing date. The net proceeds of the offering will be used to improve liquidity as well as repaying short-term borrowings.
Founded in 1913, Aston Martin is one of the world’s leading luxury groups focused on the design, engineering and manufacture of high luxury cars, and has produced some of the most iconic cars in the world, including the DB5 (introduced in the 1964 James Bond film Goldfinger).
The Simpson Thacher team included Gil J. Strauss, Carol Daniel, Uma Sud and Pieter Lavens (Capital Markets); Antti Pesonen, Kavita Davis and Andrew Paisley (Credit); Jonathan Cantor, William Smolinski and Kelli Rivers (Tax); and Jeanne Annarumma (ERISA).