Tesla Rival Lucid Raises $1 Billion Via Convertible Debt To Refinance 2026 Notes And Boost Financial Flexibility

Lucid Group, Inc. (NASDAQ:LCID) announced on Thursday the pricing of its private institutional offering of $1 billion aggregate principal amount of 5.00% convertible senior notes due 2030.

Lucid also granted the initial purchasers of the notes an option to purchase up to an additional $0.1 billion principal amount of notes. The notes will be Lucid’s senior unsecured obligations.

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They will accrue interest at a rate of 5.00% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning October 1, 2025.

The notes will mature on April 1, 2030, unless earlier repurchased, redeemed, or converted. Before January 1, 2030, noteholders will have the right to convert their notes.

The initial conversion rate is 333.3333 shares of common stock per $1,000 principal amount of notes, representing an initial conversion price of approximately $3.00 per share of common stock, implying a ...

https://www.benzinga.com/25/04/44626267/lucid-raises-1-billion-in-debt-offering-to-buy-back-2026-notes-and-boost-financial-flexibility