Last night the closing price for the shares of the luxury car maker Aston Martin Lagonda Global Holdings (LON:AML) was 395p.
This morning the group has announced that it has Placed 58,245,957 new shares at 371p each, representing some 7.9% of the existing shares prior to the Share Offering.
The four largest shareholders in the group, Yew Tree Consortium, Public Investment Fund, Geely International and Mercedes Benz have all taken up their shares.
Executive Chairman Lawrence Stroll stated that:
"This successful share placing builds on the actions we have taken to create shareholder value.
Supported by the company's improved financial position, the placing will allow us to meaningfully deleverage the balance sheet and accelerate our journey to become sustainably free cash flow positive.
The tremendous backing from our largest shareholders along with the strong appetite from institutional and retail investors also demonstrates the continued confidence in Aston Martin and our future direction.
I would also like to thank my fellow investors in the Yew Tree Consortium, PIF, Geely and Mercedes-Benz, for their support as we accelerate our vision to be the world's most desirable ultra-luxury British performance brand."
The net proceeds of the Share Offering will be used by the company to facilitate the early redemption of the Group's existing second lien split coupon notes, due 2026, thereby enabling the company to operate with increased financial flexibility and improve free cash flow generation by reducing its interest costs, contributing to the delivery of sustainable free cash flow.
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