Rivian Automotive, Inc. (NASDAQ: RIVN) has announced a proposed offering of $1.25 billion in senior secured green notes due 2031. The company intends to utilize the net proceeds from this offering, along with cash on hand, to fully redeem the outstanding floating rate senior secured notes due 2026 and cover associated fees and expenses.
The notes are expected to be guaranteed by the company's subsidiaries that also guarantee the co-issuers' senior secured asset-based revolving credit facility. They are anticipated to be secured on a first-priority basis by substantially all assets of the co-issuers and the guarantors.
Rivian intends to offer the notes only to qualified institutional buyers and persons other than "U.S. persons" in compliance with Regulation S under the Securities Act. The offering is not registered under the Securities Act or the securities laws of any other jurisdiction.
Rivian, a leading American automotive manufacturer, specializes in the development and production of category-defining electric vehicles and accessories. The company's products are designed to excel at both work and play, with a focus on hastening the global transition to zero-emission transportation and energy. Rivian vehicles are manufactured in the United States and directly sold to consumer and commercial customers.
The announcement of this proposed offering reflects Rivian's ongoing commitment to its mission of preserving the natural world for future generations, whether by taking families on new adventures or electrifying fleets at scale. Today the company's shares have moved -3.2% to a price of $14.065. For more information, read the company's full 8-K submission here.
