Aston Martin Chairman Lawrence Stroll has overseen a major turnaround at the sports car maker and his next goal is figuring out how to speed up the process of hand-building what he calls the most complex car ever and paying down debt.
The billionaire Canadian who came to the iconic British company's rescue in early 2020, spoke with reporters Thursday before the unveiling of the AMR22, Aston Martin's Formula 1 car for the upcoming season.
Stroll talked up the automaker's progress paring inventory and improving its cash position, which he said should help bring down interest costs in the coming years.
"I will be renegotiating the bonds at a more favorable rate, probably, and taking some cash to pay down" part of the debt, Stroll said. "This company will be cash-flow positive in 2023."
In addition to injecting much-needed cash, Stroll forged closer ties with Mercedes-Benz to put Aston Martin on steadier footing in the midst of the pandemic.
In mid-2020, he hired Tobias Moers, who previously led Mercedes's AMG performance-car business, as CEO.
Aston Martin had net debt of 809 million pounds ($1.1 billion) at the end of the third quarter and expects interest costs of 165 million pounds in 2021, it said in November.
A year ago, the company raised $98.5 million in Senior Secured Notes due in 2025 with a 10.5 percent coupon. These notes come with a four-year call protection, meaning refinancing the senior debt will come with a penalty.
Aston Martin may buy back some of the more expensive mezzanine bonds once the company generates cash, Stroll said, ruling out the need for any further capital raising.
"We do not need any more money at all," he said. "Let me be crystal-clear, black-and-white: we do not need money."