Simpson, Thacher & Bartlett and Latham & Watkins have taken lead roles as Aston Martin has launched a new high-yield bond for £530m equivalent, as the car manufacturer moves to expand its range of vehicles in order to boost profitability.
Simpson US securities partner Gil Strauss is understood to have acted for Aston Martin, holding on to the client despite moving several firms in the last six years.
Executives met investors in the City earlier this week, before travelling to New York to continue marketing the mix of sterling high-yield debt and at least $400m in senior secured notes. Pricing is expected on Friday, with a 7% yield indicated.
Strauss moved to Freshfields Bruckhaus Deringer in 2010 after being of counsel at Simpson. He stayed with the Magic Circle firm for three years, before moving to Weil, Gotshal & Manges near the end of 2012. He returned to Simpson as a full equity partner in 2014.
For Latham, Milan-based corporate finance partner Jeff Lawlis led on the transaction, representing the underwriters JPMorgan, Deutsche Bank, Goldman Sachs as global coordinators, and Bank of America Merrill Lynch, HSBC, Morgan Stanley, Standard Chartered and UniCredit as bookrunners.
Strauss advised for Freshfields when it advised among a raft of firms on Aston Martin’s £304m high-yield bond offering back in June 2011, which saw notes listed on the Luxembourg Stock Exchange and the creation of a £30m revolving credit facility.
Nabarro, Freshfields and Dickson Minto had lead roles when Italian private equity firm Investindustrial acquired 37.5% of the luxury British car manufacturer in 2012.
Latham and Simpson both refused to comment.