Aston Martin Lagonda Global Holdings PLC (LSE:AML) has raised £135 million through a debt issue as the luxury car marker prepares to scale up sales in the coming months.
Some US$90 million (£70.7 million) was raised through the issue of 10% senior secured notes, due to mature in 2029, Aston Martin announced on Friday.
A further £65 million came from senior secured notes carrying interest of 10.375%.
Chief financial officer Doug Lafferty commented the bond issue came after encouraging feedback from existing lenders in the wake of first-half results last month.
“These new senior secured notes [...] provide Aston Martin with additional liquidity as we continue an exciting second half of the year,” he added.
Aston Martin had reiterated plans to grow volumes over the latter part of the year in last month’s results, which showed an expected fall in revenue.
This comes after fresh models have been unveiled throughout the year, including a new Vantage and V12 flagship Vanquish, alongside an upgraded DBX707.
Funds from the debt raise will be used to repay an existing senior revolving credit facility and for general corporate purposes, Aston Martin added.