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Lucid Group obtains $1 billion five-year asset-backed revolver
By Rebecca Melvin
Concord, N.H., June 15 – Lucid Group Inc. entered into a credit agreement on June 9 providing a $1 billion senior secured asset-backed revolving credit facility maturing 2027, according to an 8-K filing with the Securities and Exchange Commission.
The company issued a press release on the loan on Wednesday.
The ABL facility includes a $250 million letter-of-credit sub-facility and a $100 million swingline loan sub-facility. In addition, the company may request one or more increases in an aggregate amount up to $500 million, plus certain other amounts, subject to terms and conditions.
There were no borrowing and no outstanding letters of credit drawn on the closing date.
Borrowings may be denominated in U.S. dollars, pounds sterling, euros, Canadian dollars, Australian dollars, Swiss francs, Japanese yen and other agreed currencies.
Borrowings in U.S. dollars will bear interest at SOFR plus 125 basis points to 175 bps. For borrowings in other currencies, interest will also be 125 bps to 175 bps above the applicable benchmark.
There is also a 25 bps per year commitment fee.
Speaking of the loan, Sherry House, Lucid’s chief financial officer said, “We ended the first quarter of 2022 with close to $5.4 billion of cash on hand, which we expect will fund us well into 2023. We remain committed to scaling our business and are executing against our strategic objectives.”
Bank of America NA is the administrative agent, swingline lender and an issuing bank of the credit facility.
BofA Securities and Citibank are syndicate agents, joint lead arrangers and joint bookrunners and are joined by additional joint bookrunners Barclays Bank plc, Goldman Sachs Bank USA, JPMorgan Chase Bank NA, BNP Paribas Securities Corp. and RBC Capital Markets.
Barclays, Goldman Sachs, JPMorgan Chase, BNP Paribas and RBC are documentation agents.
The electric car maker is based in Newark, Calif.
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