Luxury car manufacturer Aston Martin Lagonda (AML) has had to offer a worryingly-high bond coupon of 12 per cent to raise $150m (£121m) and could pay 15 per cent for a further $100m, as it looks to support its ambitious volume ramp-up.
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The secured notes will mature on 15 April 2022. Aston Martin has agreed delayed notes if it can get 1,400 or more orders for its upcoming DBX, which would raise a further $100m at 15 per cent unsecured. The price being demanded by lenders compares with an already high 6.5 per cent on a $190m April bond issue.
