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Aston Martin secures additional funding for sports car development

The new family of cars will replace the VH-platform Aston Martin DB9, Vantage and Rapide models the company first started selling in 2003.

Aston Martin headquarters at Gaydon


WARWICKSHIRE car-maker Aston Martin has secured £100 million of additional funding to help finance its next generation of luxury sports cars.

The new family of cars will replace the VH-platform Aston Martin DB9, Vantage and Rapide models the company first started selling in 2003.

Aston Martin Holdings (UK) announced the funding through the issue of $165 million senior subordinated pay-in-kind notes due 2018.

The notes, purchased by Waddell & Reed, accrue interest in kind at a rate of 10.25 per cent per annum.

Aston Martin chief financial officer, Hanno Kirner, said: “Together with the issuance of the senior secured bonds in 2011 and the capital increase in 2013, we have put in place the key elements of our funding strategy.

“This provides a solid foundation for the execution of our future product plan, allowing Aston Martin to pursue its strategic objective of continuing to develop and launch some of the world’s most exciting new sports cars.”

Aston Martin celebrated its centenary last year. In its 101-year history the firm has made more than 70,000 cars.

 
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