{"text":[[{"start":11.3,"text":"Aston Martin has struck a deal to borrow £550mn from BlackRock-owned private credit firm HPS, defying opposition from a group of existing lenders who branded the transaction “extraordinary”."}],[{"start":25.4,"text":"The cash-strapped carmaker announced the funding package on Wednesday, comprising a £450mn term loan and a further £100mn that can be drawn in the future."}],[{"start":36.45,"text":"But the move was challenged by existing creditors who argued that a financing deal that placed assets beyond their reach breached key terms of Aston Martin’s existing debt. The deal, which charges an interest rate of about 10 per cent, was completed on Wednesday."}],[{"start":51.300000000000004,"text":"Aston Martin’s latest efforts to raise cash follow years of steep losses that have left it dependent on support from shareholders to stay afloat."}],[{"start":60.2,"text":"However, investors have become increasingly anxious that the company, which is saddled with debts of more than £1.5bn, is running out of options to raise capital, with its business hit by US tariffs and slowing demand in China."}],[{"start":74.4,"text":"Two of its lenders, London-based hedge funds Arini Capital Management and Tresidor Investment Management, this week tapped US law firm Quinn Emanuel to challenge the transaction before it was completed."}],[{"start":86,"text":"They warned in a letter sent to Aston Martin that the deal would violate key terms of its current borrowing, according to people familiar with the matter."}],[{"start":94.3,"text":"The letter asked Aston Martin to engage with a wider creditor group that believed it could “offer solutions to the company’s financing needs at a time that it is in financial distress”."}],[{"start":105.39999999999999,"text":"Arini and Tresidor are part of a senior secured creditor group that came together this month, signing a co-operation deal as the company’s growing losses raise concerns that it would soon have to address its debt pile."}],[{"start":117.89999999999999,"text":"A co-operation agreement unites creditors in negotiations against a struggling debtor, to prevent the company from striking deals with single lenders that disadvantage others. The ad hoc creditor group — also including BlackRock and Sculptor Capital Management Inc — owns about 67 per cent of the outstanding senior secured notes."}],[{"start":138.5,"text":"In their letter, the creditors said it “would be extraordinary for [Aston Martin] and the board to implement a transaction to place assets beyond the reach of creditors, whilst at the same time refusing to even consider an alternative transaction put forward by the ad hoc group.” "}],[{"start":154.9,"text":"Aston Martin said on Wednesday that the HPS facility would be secured against “certain of the group’s assets situated in a newly incorporated subsidiary, together with certain other assets of the group.”"}],[{"start":168.05,"text":"Chief financial officer Doug Lafferty said the debt financing would provide the company “with both additional resilience and further flexibility to execute our current and future product plans.”"}],[{"start":178.95000000000002,"text":"Aston Martin, whose shareholders include Canadian billionaire Lawrence Stroll, China’s Geely and Saudi Arabia’s Public Investment Fund, has reported three profit warnings since last year, telling investors that its adjusted annual loss before tax and interest would be “slightly below” the lower end of analysts’ expectations of £184mn. "}],[{"start":200.20000000000002,"text":"On top of the new £550mn announced on Wednesday, there is capacity to raise a further £100mn that would rank behind Aston Martin’s senior secured loans, the company said. It said the deal would improve its liquidity to £340mn, up from £230mn as of the end of March. "}],[{"start":227.50000000000003,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1784777192_4839.mp3"}