Supercar maker McLaren shifted gear as it entered the high yield bond market yesterday, in a bid to finance its restructuring plans.
The luxury automotive company is on track to bring in as much as £525m through a five-year bond, which it began marketing today.
Read more: UK car sales hit the brakes in June
Investors will be able to choose between a pound sterling option, with a yield of 5 per cent, and a dollar piece with an estimated yield of 5.75 per cent.
Around £275m will go to former chairman Ron Dennis, whose shares in the company have been sold back to the other shareholders. The buyout enabled McLaren to unite its two separate operations, automotive and technology, into a single company.
A further £232m is expected go towards refinancing debt.