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Aston Martin Lagonda bags another £152mln from shareholders

This latest fundraise comes just two months after a £536mln refinancing led by Canadian billionaire Lawrence Stroll,

Aston Martin Lagonda Global Holdings PLC -
The classic Bond car is being produced again at Newport Pagnell

 

Aston Martin Lagonda Global Holdings PLC (LON:AML) has raised another £152mln from shareholders to help tide it over the coronavirus crisis while its new DBX sports utility ramps up production.

The new money came from a bookbuild placing and retail offer at 50p of the equivalent of 19.99% of the company’s share in issue.

The issue price was 22% lower than last night’s close of 64p and an 8% discount to the time it was set.

This morning, the luxury carmaker said it was also planning to draw £68mln of 12% coupon secured senior notes.

Discussions have also started, it said, about arranging a further £50mln of trade finance on top of £37mln already in place.

Debt at the end of May totalled £883mln with net cash of £244mln.

This latest fundraise comes just two months after a £536mln equity-led refinancing led by Canadian billionaire Lawrence Stroll, who is the now the luxury car company’s executive chairman.

At the start of June, Aston Martin also said it was cutting 500 jobs as it slashed production of front-engine sports cars.

In a trading update today, Stroll said COVID-19 disruption will mean lower retail and wholesale sales in the current three months compared to the first quarter, while both retail and wholesale average selling prices are being affected by de-stocking.

Dealer stock had been reduced by 617 units year-to-date to end May, he said, adding that more than 90% of the dealer network is now open.

Stroll added the production of the DBX had now started at the St Athan plant, which is scaling up to full production and is on schedule for deliveries to start in July as planned.

Shares fell 17% to 51.6p.

 

-- adds share price, debt detail, placing result --

 

Quick facts: Aston Martin Lagonda Global Holdings PLC

Price: 73.8905 GBX

LSE:AML
Market: LSE
Market Cap: £1.35 billion
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