Aston Martin - comment
We closed our position and put the name on the shelf earlier this month. The refinance is happening a little quicker than we expected. Aston Martin will refinance its SSN and 2nd Lien notes with a single £1.1bn SSN. The proceeds from issuance will be used to repay the existing SSN, 2nd Lien and RCF drawings. Despite being a CCC+-rated name, AML will expect a lower coupon than the 10.5% on the existing notes. Fitch assigned AML with a first-time B-, Outlook Stable.