Vistra agrees USD 3.25bn buyout of zero-carbon energy unit
Sep 19, 2024 11:01 CESTUS electric vehicle (EV) start-up Rivian Automotive Inc (NASDAQ:RIVN) has raised USD 1.3 billion (EUR 1.22bn) through the sale of green convertible senior notes due 2029 in a private offering to qualified institutional buyers.
The issuance and sale of the notes are set to settle on March 10, 2023. The investors are given an option to buy up to USD 200 million in additional notes within a 13-day period from the date the notes are first issued, the Irvine, California-based firm said in a statement published last week.
The proceeds from the offering will be used to finance, refinance, or make direct investments in current and/or future eligible green projects which could include clean transportation, renewable energy, circular economy, energy efficiency and pollution prevention and control.
The notes will accrue interest at a rate of 4.625% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2023. They will mature on March 15, 2029, unless earlier repurchased, redeemed or converted.
Established in 2009, Rivian develops electric adventure vehicles, pickup trucks and sports utility vehicles. The company went public in November 2021 through an initial public offering that raised over USD 11.9 billion in gross proceeds, not including overallotments.
(USD 1 = EUR 0.941)
Vistra agrees USD 3.25bn buyout of zero-carbon energy unit
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