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Motor racing-Aston Martin F1 team shelves proposed retail bond

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By Reuters
Motor racing-Aston Martin F1 team shelves proposed retail bond
Motor racing-Aston Martin F1 team shelves proposed retail bond   -   Copyright  Thomson Reuters 2021

LONDON – The Aston Martin Formula One team has shelved a proposed five-year sterling retail bond to help fund its new factory because more attractive sources of financing are available, it said on Monday.

The Mercedes-powered team, owned by Canadian billionaire Lawrence Stroll, last month announced the 7.0% bond and hoped fans might participate.

Stroll told Reuters in October that the ‘campus’ — three buildings including a new wind tunnel — would take three years to build with an estimated cost of around 220 million pounds ($300.48 million).

He explained that the bond was “the most logical sense of financing the campus and giving the fans a chance to get involved.”

An update on Monday said the company had decided not to proceed with the issue because more attractive sources of financing were available for a larger amount than initially envisaged.

($1 = 0.7322 pounds)