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HIGH YIELD: Aston Martin (B3/B-[N]/B-): Raising Liquidity

HIGH YIELD
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  • Profit warning from Aston Martin late yesterday, with FY24 adj. EBITDA guided to £270-280mn which is just 2% below consensus at midpoint. This is due to delayed Valiant deliveries, partly mitigated by cost reductions.
  • Longer term targets were reaffirmed.
  • To shore up liquidity, it’s launched a £110mn equity raise, with Yew Tree committed for up to £73.5mn. It’s also tapping both outstanding bonds for an aggregate £100mn.
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  • Profit warning from Aston Martin late yesterday, with FY24 adj. EBITDA guided to £270-280mn which is just 2% below consensus at midpoint. This is due to delayed Valiant deliveries, partly mitigated by cost reductions.
  • Longer term targets were reaffirmed.
  • To shore up liquidity, it’s launched a £110mn equity raise, with Yew Tree committed for up to £73.5mn. It’s also tapping both outstanding bonds for an aggregate £100mn.