Lucid announces proposed $1B convertible notes offering due 2030

Lucid Group, Inc.

Proposed $1,000M aggregate principal convertible notes due 2030; initial purchasers may buy additional $100M within 13 days.
Net proceeds to repurchase portion of outstanding 1.25% Convertible Senior Notes due 2026 and pay for capped call transactions.
Capped call transactions expected to reduce potential dilution upon conversion; Ayar (PIF subsidiary) enters prepaid forward to facilitate investor hedging.
Notes will be senior unsecured, interest semi-annual, maturity April 1, 2030; conversion/redemption terms set at pricing.

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