EV maker’s $1.5 billion ‘green’ convertible debt interest rate is lower than the previous offering, but premium of conversion price for shares is less
Shares of Rivian Automotive Inc. started Friday’s premarket session with a nice bounce after the electric-vehicle maker announced the pricing of its $1.5 billion convertible debt offering, but they quickly reversed course and were on track to extend the previous session’s record selloff.
The company said the $1.5 billion “green” convertible senior notes due 2030 will accrue interest at a rate of 3.625%. Meanwhile, the initial conversion rate for the latest offering represented an initial conversion price of $23.29, a 27.5% premium over Thursday’s closing price of $18.27. For the March offering, the initial conversion price of $20.13 represented a 37.5% premium.The latest offering can be converted at any time, from and after July 15, 2030, to common stock, cash or a combination of stock and cash, while the March offering could be converted at any time after Dec. 15, 2028.
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