Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers R > Headlines for Rivian Automotive, Inc. > News item |
Rivian talks $1.5 billion seven-year green convertibles to yield 3.125%-3.625%, up 27.5%-32.5%
By Abigail W. Adams
Portland, Me., Oct. 4 – Rivian Automotive Inc. plans to price a $1.5 billion offering of seven-year green convertible notes after the market close on Thursday with price talk for a coupon of 3.125% to 3.625% and an initial conversion premium of 27.5% to 32.5%, according to a market source.
Morgan Stanley & Co. LLC (lead left), Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are bookrunners for the Rule 144A offering, which carries a greenshoe of $225 million.
The notes are non-callable until Oct. 20, 2027 and then subject to a 130% hurdle.
They are putable upon a fundamental change.
In connection with the offering, the company will enter into capped call transactions.
Proceeds will be used to finance, refinance or make investments in eligible green projects.
Rivian is an Irvine, Calif.-based electric vehicle manufacturer.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.