LONDON (Reuters) - Luxury carmaker Aston Martin Lagonda (L:AML) said it had raised $150 million from a bond issue, with the option to raise another $100 million if order targets are met, to improve its liquidity in a uncertain trading environment.
The main tranche comprises 12% notes due in 2022, while the additional notes could be issued under the same terms if permitted or could be issued as unsecured notes with an interest rate of 15%, it said on Wednesday.
Chief Financial Officer Mark Wilson said the company expected economic headwinds and uncertainty to continue.
"What we have announced today is a cost and time-effective structure that immediately strengthens our liquidity in the short term and the option to draw further funding as we successfully execute the plan," he said.