12 Aug '17, 9am

Tesla raises $1.8 billion for Model 3 production

Tesla raises $1.8 billion for Model 3 production

Tesla raised $1.8 billion, $300 million more than expected, in aggregate principal amount of senior Notes due in 2025, representing a 20% upsize. The Notes will have an annual interest rate of 5.30%, slightly higher than the original guidance of 5.25 percent. Earlier in the week, Tesla was expected to raise at least $1.5 billion to accelerate production of its new Model 3, but strong demand allowed the carmaker to raise more, albeit at a slightly higher yield than expected. Cash proceeds will help finance production of the Tesla Model 3 . Tesla aims to boost production to 500,000 cars next year, about six times its 2016 output.

Full article: http://electriccarsreport.com/2017/08/tesla-raises-1-8-bi...

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