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Rivian asset-based revolver doubled to $1.5 billion, maturity extended
By Wendy Van Sickle
Columbus, Ohio, April 19 – Rivian Automotive Inc. announced that its Rivian Holdings LLC subsidiary amended and restated its asset-based revolving credit agreement with JPMorgan Chase Bank, NA as administrative agent on April 19, doubling commitments to $1.5 billion, according to a news release.
The sublimit for letters of credit was increased to $1 billion from $500 million.
The maturity date was extended to the earlier of April 19, 2028 and 91 days prior to the stated maturity of some series of debt for borrowed money with a total principal amount of at least $200 million then outstanding.
Also, the borrowing base was amended to expand eligibility of some assets, including in-transit batteries, and the interest rate benchmark was changed, as were some covenants and baskets to broaden future debt.
The credit facility is undrawn. Rivian may obtain additional revolving commitments so long as the total amount of revolving commitments under the credit agreement does not exceed $2 billion.
Interest accrues at SOFR plus a margin of 125 bps to 175 bps, based on the aggregate commitment.
The commitment fee will be 20 bps, 22.5 bps or 25 bps.
JPMorgan Chase Bank, NA, Barclays, Goldman Sachs Lending Partners LLC, Morgan Stanley Senior Funding, Inc. and Wells Fargo Bank, NA are the joint lead arrangers and joint bookrunners.
Barclays, Goldman Sachs Lending Partners LLC, Morgan Stanley Senior Funding, Inc. and Wells Fargo Bank, NA are the syndication agents.
BNP Paribas, Citibank, NA, Deutsche Bank Securities Inc., Mizuho Bank, Ltd., MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corp. are the documentation agents.
Rivian is an Irvine, Calif.-based electric vehicle manufacturer.
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