Rivian Automotive
RIVN,
priced $1.5 billion in inexperienced convertible senior notes on Thursday at about $23.29 per share of widespread inventory.
The Irvine, Calif.-based electric-vehicle maker mentioned the notes will accrue curiosity at a fee of three.625% and are due in 2030. The firm expects internet proceeds of about $1.49 billion, or about $1.71 billion if preliminary patrons train sure buy choices.
The preliminary conversion worth represents a premium of round 27.5% to Thursday’s closing worth of $18.27, the corporate mentioned. The preliminary conversion fee for the notes can be 43.929 shares of widespread inventory per $1,000 principal quantity of notes.
The firm plans to make use of proceeds from the sale to fund eligible tasks associated to wash transportation, renewable power, power effectivity and air pollution prevention.
Rivian disclosed plans for the providing after the market closed on Wednesday, together with preliminary estimates for the third quarter. The firm expects gross sales of $1.29 billion to $1.33 billion, up from $540 million a yr earlier.
Source web site: www.marketwatch.com
