Aston Martin Lagonda Announces 4 For 1 Fully Committed, Underwritten £575.8 Mln Rights Issue

Aston Martin Lagonda Global Holdings plc (AML.L), on Monday, announced 4 for 1 fully committed and underwritten rights issue to raise about £575.8 million as part of the previously announced equity raise of about £653.8 million.

The Board believes the proposed Capital Raise will serve to further support the company's re-affirmed medium-term targets of about 10,000 wholesales, about £2 billion revenue and about £500 million adjusted EBITDA by 2024/25, and strongly positions it for positive free cash flow generation from 2024.

Further, the Capital Raise is expected to raise about £653.8 million in gross proceeds and about £628.8 million in net proceeds.

As previously announced, the company intends to use the net proceeds from the Capital Raise of up to half to repay existing debt, strengthening financial resilience and improving the company's cash flow generation by reducing its interest costs; the balance to maintain a substantial liquidity cushion to underpin and accelerate future capital expenditure, and to support execution of its targets in what remains a challenging operating environment, impacted by the war in Ukraine, COVID-19 lockdowns in China, as well as continued supply chain and logistics disruptions.

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