Commentary & Deal Flow

Aston Martin Capital Holdings Ltd (ASTONM) approx 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. Settles 03/21 (T+6).

- US$960m (approx GBP750m equivalent) (from GBP800m equivalent, approx $1.023bn) sr sec notes due 03/31/29 (5y). NC2 (03/15/26) (MWC T+50bp), then at 105.00, 102.50, 100. Equity claw: 2y 40% at 110. Special call: 10% per year the first 2 years at 103. Via GS (B&D) sole physical books/Barc jt glocos/HSBC/DB jt books. 144A CUSIP: 04625HAJ8. Price talk: 10.25%-10.50%. Launched: US$ GBP750m equivalent (approx $960m) 10.00% at par. Priced: 10.00% at 100. +579bp vs 2.375% 03/31/29.

- GBP400m (from GBP350m and GBP300m minimum) sr sec notes due 03/31/29 (5y). NC2 (03/15/26) (MWC G+50bp), then at 105.188, 102,594, 100. Equity claw: 2y 40% at 110.375. 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. Reg S ISIN: XS2788344419. Px talk: +50bp to the US$ tranche. Launched: GBP400m 10.375% at par. Priced: 10.375% at 100, +645bp vs 0.5% UKT 01/31/29.

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 closed at 2:30pm UKT/10:30am NYT today (from US$ 5pm NYT yesterday; GBP 12pm UKT today). 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.