Aston Martin 'selling bonds' to expand super premium car range

 

Maria Tadeo@mariatad
Thursday 11 December 2014 17:33
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Aston Martin is looking to raise more than £100 million from investors to expand its range of luxury sedans, hybrid models and crossover SUVs.

The British luxury carmaker is exploring options to sell shares or debt in the region of £100 to £150 million, Reuters reported citing people familiar with the matter, to expand its super premium range.

Aston Martin has been held back by its ageing models, missing out on the global luxury car boom that saw the value of the global market almost double in five years. The loss-making marquee is now reportedly looking to extend its turnaround strategy by three years to 2020.

Last week, new boss Andy Palmer said 2015 would be a "busy year across the globe" for Aston Martin as he unveiled a DB10 concept car that will star in the next Bond film, Spectre.

The report noted Palmer's plans for expansion could be limited by the carmarker's existing debt pile of £410 million, maturing in July 2018. Last year, Aston Martin's financing costs rose to £26.9 million hit by weak credit ratings. According to sources speaking to Reuters, the upgraded strategy will be announced at the Geneva Motor Show next year.

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