LONDON (Reuters) – The Aston Martin Formula 1 team has suspended a proposed five-year sterling retail bond to fund its new factory as more attractive funding sources become available, it said on Monday.
The Mercedes-powered team, owned by Canadian billionaire Lawrence Stroll, announced the 7.0% bond last month, hoping fans could attend.
Stroll told Reuters in October that the “campus” – three buildings including a new wind tunnel – would take three years, at an estimated cost of around £ 220 million ($ 300.48 million).
He explained that the bond was “the most logical way to finance the campus and give fans the opportunity to get involved”.
An update on Monday said the company had decided not to continue issuing because more attractive sources of funding were available for a larger amount than originally intended.
($ 1 = 0.7322 pounds)
(Reporting by Alan Baldwin, Editing by Pritha Sarkar)
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