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)
(Reporting by Alan Baldwin, editing by Pritha Sarkar)
