Commentary & Deal Flow

+++Corrects typo in the US$ tranche price talk in the story: 10.25%-10.50% (not 10.25%-10.60%)+++

Aston Martin Capital Holdings Ltd (ASTONM) GBP1.15bn (up from GBP1.14bn) equivalent (USD/GBP) 144A/Regs 5yNC2 sr sec notes 2-part. B3/B-/B (stable/stable/stable). No reg rights. List ISE. NY law. Pay May 1 and Nov 1, starting 11/01/24.

- US$ (GBP800m equivalent, approx $1.023bn) 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. Price talk: 10.25%-10.50%.

- GBP350m (from 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. Px talk: +50bp to the US$ tranche.

Investor meetings 03/11-12 (investor call at 3pm UKT / 11am NYT 03/11). Also did a roadshow 03/04-06 (GS coordinated USD logistics and Barc coordinated GBP logistics). Books close: US$ 5pm NYT today. GBP 12pm UKT tomorrow. Pricing tomorrow. 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.