Commentary & Deal Flow

Aston Martin Capital Holdings Ltd (ASTONM) USD98.5m (approx GBP70.4m equivalent) 144A/Reg S add-on to its 10.50% sr sec 1st lien notes due 11/30/25 (4.75y). NC3.75 (11/01/24) (MWC T+50bp) then at 100. Equity claw: 3.75y (11/01/24) 40% at 110.50. Caa1/CCC (stable/negative). Via JPM (B&D)/Barc jt glocos and jt physical books/CS/DB/HSBC joint books. No reg rights. NY law. List ISE. Interest pay May 01 and Nov 01, starting 05/01/21. Settles 03/04 (T+5). 144A CUSIP: 04625HAG4. Immediately 144A fungible with the USD1.085bn issue priced 10/30/30. Whisper: 108.00-108.50. IPT: 108.50-108.75. Final price: 109.00

Priced: 10.50% at 109.00, 8.164% YTM. +750bp vs 2.875% 11/30/25.

Did global investor call at 2pm UKT, 9am NYT today. Reconfirms were due by 4:30pm UKT, 11:30am NYT. UOP: GCP, including working capital and capex. Biz: luxury sports car manufacturer. HQ: Gaydon, UK.