Simpson Thacher represented Aston Martin in connection with its comprehensive refinancing transactions. The new financing package includes $1.085 billion principal amount of 10.5% Senior Secured Notes due 2025, $335 million principal amount of 15% Second Lien Split Coupon Notes due 2026 with detachable warrants and a revolving credit facility of £87 million due 2025. The proceeds from these financing arrangements, together with the proceeds from a £125 million equity placing, were used to repay existing financial indebtedness and for general corporate purposes. The refinancing was effected on December 7, 2020 after the equity placing and a strategic cooperation agreement that Aston Martin has entered into with its long-term partner, supplier and shareholder Mercedes-Benz AG were approved by Aston Martin’s shareholders.
Aston Martin is a globally recognized luxury brand and a leader in the high-luxury sports car market. Founded in London in 1913, Aston Martin has a long tradition of exceptional design, engineering and manufacturing of high-luxury sports cars as well as a longstanding racing pedigree. For more than 100 years Aston Martin has been internationally recognized for its elegant and sophisticated British style, having built approximately 100,000 cars, from the iconic DB5 seen in the 1964 James Bond film Goldfinger, to the newest models, the award-winning DB11, Vantage, DBS Superleggera and DBX and a variety of special edition models.
The Simpson Thacher team included Gil J. Strauss, Carol Daniel, Pieter Lavens, J. John Lim, Dominik Juster and Kendall Burns (Capital Markets); Antti Pesonen, Sophie Davies, George Dyesmith and Emma Lynam (Credit); Yash Rupal, Meredith B. Jones, Gal Shemer and Ellie Verran (Tax); Jonathan Pall (U.S. Collateral); and Jennifer A. Neilsson and Richard Z. Malek (ERISA).