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.

Drivers Lando Norris, right, and Daniel Ricciardo at the unveiling of the McLaren car for the 2021 F1 season. (McLaren F1/PA).
Drivers Lando Norris, right, and Daniel Ricciardo at the unveiling of the McLaren car for the 2021 F1 season. (McLaren F1/PA).

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.

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