September 25, 2019 / 6:20 AM / 19 days ago

Aston Martin secures $150 million from bond issue

LONDON, Sept 25 (Reuters) - Luxury carmaker Aston Martin Lagonda said it had raised $150 million from a bond issue, with the option to raise another $100 million if order targets are met, to improve its liquidity in a uncertain trading environment.

The main tranche comprises 12% notes due in 2022, while the additional notes could be issued under the same terms if permitted or could be issued as unsecured notes with an interest rate of 15%, it said on Wednesday.

Chief Financial Officer Mark Wilson said the company expected economic headwinds and uncertainty to continue.

“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 said. (Reporting by Paul Sandle; Editing by Kim Coghill)

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