TISE on front row for McLaren funding
MCLAREN – whose portfolio ranges from Formula One to sports car manufacture – has put The International Stock Exchange in pole position when it comes to financial initiatives.
McLaren Group has announced an £85m. buy-back of debt listed on the Guernsey headquartered exchange.
The group said the move would enable it to manage its overall funding level and reduce its gross debt while maintaining a prudent approach to liquidity.
The proposed buyback follows the McLaren Group selling its global headquarters in the UK for £170m. to Global Net Lease.
As part of the deal, McLaren has agreed a 20-year lease with Global Net Lease for its campus in Woking, Surrey, to remain its global headquarters.
Meanwhile, McLaren Racing – the Formula One team – has listed a £99m. convertible bond on the exchange.
Last December, US sports investment group MSP Sports Capital acquired a significant minority shareholding in McLaren Racing. McLaren Automotive, the supercar maker, remains wholly-owned by the McLaren Group and was not part of the deal with MSP.
