Vistra agrees USD 3.25bn buyout of zero-carbon energy unit
Sep 19, 2024 11:01 CESTUS electric vehicle (EV) company Rivian Automotive Inc (NASDAQ:RIVN) has raised USD 1.5 billion (EUR 1.42bn) by selling green convertible senior notes due 2030 in a private offering to qualified institutional buyers.
The Irvine, California-based firm plans to allocate an amount equal to the net proceeds from the offering to finance, refinance and directly invest in one or more new or recently completed current and/or future eligible projects. These projects will be focused on clean transportation, renewable energy, circular economy, energy efficiency and pollution prevention and control.
The issuance and sale of the notes are expected to settle on October 10, 2023. The investors also are given the option to buy up to USD 225 million in additional notes within a 13-day period from the date the notes are first issued.
The notes will mature on October 15, 2030. They will be senior, unsecured obligations of Rivian and will accrue interest at a rate of 3.625% per year, payable semi-annually in arrears on April 15 and October 15 of each year, starting on April 15, 2024.
Rivian earlier this year raised USD 1.3 billion through the sale of green convertible senior notes due 2029.
(USD 1 = EUR 0.948)
Vistra agrees USD 3.25bn buyout of zero-carbon energy unit
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