September 25, 2019 / 7:55 AM / 2 months ago

Aston Martin fundraise takes liquidity concerns off the table - CEO

FILE PHOTO: Andy Palmer, CEO of Aston Martin poses for a photograph at their world headquarters in Gaydon, Britain, February 14, 2019. REUTERS/Andrew Yates

LONDON (Reuters) - The chief executive of luxury carmaker Aston Martin (AML.L) said securing $150 million in short-term debt, with an option for another $100 million, would address concerns in the market about the company’s balance sheet.

“Taking this debt on - short-term debt - is we think the correct tool to completely remove that thesis that we don’t have sufficient liquidity,” Andy Palmer told Reuters on Wednesday.

“In every substantial and material way, this ensures that we can get through to DBX in spite of what all of those global uncertainties might throw at us.”

DBX, the company’s new sports utility vehicle, will start to be delivered at the end of the second quarter of 2020, he said.

Reporting by Paul Sandle; editing by James Davey

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