Commentary & Deal Flow

Aston Martin Capital Holdings Ltd (ASTONM) GBP1.1bn-equivalent (USD/GBP) 144A/Regs 5yNC2 sr sec notes 2-part. (Existing Caa1)/B-/B (--/stable/stable). No reg rights. List ISE. NY law. Pay May 1 and Nov 1, starting 11/01/24.

- GBP TBD (GBP300m minimum) sr sec notes due 2029 (5y). NC2 (MWC G+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. Via Barc (B&D)/GS jt physical books/HSBC jt glocos/DB jt books.

- US$ TBD sr sec notes due 2029 (5y). NC2 (MWC T+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. Via GS (B&D) sole physical books/Barc jt glocos/HSBC/DB jt books.

Investor meetings today-tomorrow (investor call at 3pm UKT / 11am NYT today). Also did a roadshow 03/04-06 (GS coordinated USD logistics and Barc coordinated GBP logistics). UOP: along with GBP43m of cash on hand, to refinance its USD1.44bn 10.5% sr sec notes due 11/30/25 (MWC T+50bp) and $121.7m 15% Second Lien Notes due 11/30/26 (callable at 108), and pay down GBP100.5m drawn on its revolver, which will be replaced by a new GBP170m super senior revolver (undrawn). Biz: a global luxury car designer and manufacturer. HQ: Gaydon, UK.

Today S&P upgraded the long-term issuer credit rating and sr sec notes rating to B- from CCC+; and Fitch assigned a first time Long-Term Issuer Default Rating of B- and sr sec note rating of B.