TISE on front row for McLaren funding

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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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