Aston Martin has raised around £110mn of net proceeds by issuing new equity shares at 100p per share. This represents a discount of 7.3% to the closing price on the prior day.
The group also intends to raise a further £100mn by issuing new debt. This debt will carry interest rates of above 10% on average, and will mature in 2029.
The combined £210mn of funds will be used to support the group’s “long-term growth plans” by providing “increased financial resilience.”
Due to a delay with its Valiant model, the group now expects to deliver around half of the 38 new Valiant models by the end of the year (previously the majority). As a result, full-year underlying cash profit (EBITDA) is expected to land in the £270-280mn range (2023: £305.9mn).
The shares fell 4.7% in early trading.
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