Latham & Watkins advised the banks on Aston Martin Lagonda Global Holdings plc’s (Aston Martin) new comprehensive financing package across the equity and debt tranches. The financing comprises a £125 million placing, £840 million equivalent of first lien notes, which mature in 2025, £259 million equivalent of new second lien notes with detachable warrants, which mature in 2026, and a refinanced revolving credit facility of £87 million maturing in 2025.
Latham & Watkins also advised the sponsor on the prospectus and circular published in connection with the financing and the strategic cooperation agreement (the SCA) that Aston Martin has entered into with its long-term partner, supplier, and shareholder Mercedes-Benz AG. The SCA was conditional upon shareholder approval. The shareholder approval was received on December 4, 2020, and the shares in connection with the SCA and the placing were listed and admitted to trading on December 7, 2020.
The Latham team was led by corporate partners Jeff Lawlis, Matt Schneider, Chris Horton, Nicola Higgs, Ryan Benedict, and finance partner Mo Nurmohamed, with associates Hendrik Smit, Koushik Prasad, Melanie Emmen, Izabela Prager, Alex Gish, Carry Chen, and Gabriel Lakeman.