Lucid talks $1.75 billion five-year green convertible notes to yield 0.75%-1.25%, up 50%-55%

By Abigail W. Adams

Portland, Me., Dec. 8 – Lucid Group Inc. plans to price $1.75 billion of five-year green convertible notes after the market close on Thursday with price talk for a coupon of 0.75% to 1.25% and an initial conversion premium of 50% to 55%, according to a market source.

BofA Securities Inc. and Citigroup Global Markets Inc. are bookrunners for the Rule 144A offering, which carries a greenshoe of $262.5 million.

The notes are non-callable until Dec. 20, 2024 and then subject to a 130% hurdle.

There is takeover and dividend protection above 0 cents a quarter.

Proceeds will be used to finance or refinance eligible green investments, for business expansion and for general corporate purposes.

Lucid Group is a Newark, Calif.-based electric vehicle manufacturer.

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