Aston Martin has secured £550 million ($735 million) in new debt financing, providing a lifeline as the British luxury carmaker faces another financial crunch.
The company has declared bankruptcy seven times in its history.
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The financing is led by HPS Investment Partners and includes a £450 million ($602 million) secured term loan and a £100 million ($133 million) delayed draw term loan.
Aston Martin has also been granted a £100 million ($133 million) permitted debt incurrence capacity.
Debt Repayment and Future Plans
The £450 million loan will be used to repay its £170 million ($227 million) super senior revolving credit facility and £20 million ($26 million) drawn through a £50 million ($66 million) facility provided by members of the Yew Tree Consortium, led by billionaire co-owner Lawrence Stroll.
Chief financial officer Doug Lafferty said the financing strengthens liquidity, providing resilience and flexibility to execute current and future product plans.
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Aston Martin expects improved year-on-year financial performance, cash flow generation, and margins through an enhanced product mix of core and special models.
News of the financing comes months after reports that Chinese automaker Geely could be interested in taking over Aston Martin.
Geely already owns Lotus and the London Electric Vehicle Company, and its founder Li Shufu has a known affinity for British cars.
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Aston Martin's market valuation has collapsed to less than a tenth of its IPO value, once around £4.3 billion, potentially making it an attractive target for acquisition.
