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Aston Martin Proposes To Raise 653 Mln Pounds Of Equity Capital

Aston Martin Lagonda Global Holdings Plc (AML.L), a British maker of luxury sports cars and grand tourers, on Friday announced a 653 million pounds proposed equity capital raise.

The company intends to use up to half of the proceeds from the issue to pay down debts, reduce interest costs, and improve cash flow.

The vehicle maker will place around 23.3 million new ordinary shares at 3.35 pounds per share to raise 78 million pounds which will represent approximately 16.7 percent of the post-placing share capital of the group.

The company also proposes to issue underwritten rights to raise around 575 million pounds.

Aston Martin expects the proposed capital raise to further support its re-affirmed medium-term targets to achieve revenues of 2 billion pounds and an adjusted EBITDA of 500 million pounds by 2024-25.

In addition, the company has reaffirmed its outlook for the fiscal 2022. The firm continues to expect a wholesales growth of over 6,600 units with an adjusted EBITDA margin of around 350 to 450bps.
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It also reiterated its Capex and R&D for the full year at circa 300 million pounds.

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