Nikola Corp: debt financing — Nikola raises $100M in equity and exchanges $100M of notes in restructuring deals

Nikola Corp

Raised $100M gross from public offering and direct offering at $1.12/share; proceeds for working capital and general corporate purposes.
Exchanged $100M of existing convertible notes for new 8%/11% PIK Series B notes due 2026; conversion rate 686.8 per $1,000.
Public offering closes April 4; direct offering and note exchange close on or about April 11.
Citigroup is sole book-runner for the public offering.
Supplemental indenture amends existing notes to limit conversion and require cash settlement until stock authorization.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Nikola Corp incurred convertible notes of $100.0 million with Antara Capital LP at 8.00% per annum, to the extent paid in cash, and 11.00% per annum, to the extent maturing May 31, 2026.

Instrument: convertible notes
Principal: $100.0 million
Counterparty: Antara Capital LP
Rate: 8.00% per annum, to the extent paid in cash, and 11.00% per annum, to the extent
Maturity: May 31, 2026
Event: incurrence

Exact text from the filing

On March 29, 2023, the Company, together with its wholly owned subsidiary, Nikola Subsidiary Corporation (the “Initial Guarantor Subsidiary”), entered into a privately negotiated exchange and investment agreement (the “Exchange Agreement”) with the Investor, relating to the exchange of $100.0 million aggregate principal amount of the Company’s 8.00% / 11.00% Convertible Senior PIK Toggle Notes due 2026 (the “Existing Notes”) held by the Investor for the issuance to the Investor of $100.0 million aggregate principal amount of the Company’s 8.00% / 11.00% Series B Convertible Senior PIK Toggle Notes due 2026 (the “Notes”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nikola Corp entered into "Purchase Agreement" with Antara Capital LP, on behalf of certain of its advised or managed funds and accounts (the "Investor") valued at up to $100.0 million (effective 2023-03-29).

Action: entry
Agreement: equity purchase
Counterparty: Antara Capital LP, on behalf of certain of its advised or managed funds and accounts (the "Investor")
Value: up to $100.0 million
Effective: 2023-03-29

Exact text from the filing

On March 29, 2023, Nikola Corporation (the “Company”) entered into a stock purchase agreement (the “Purchase Agreement”) with Antara Capital LP, on behalf of certain of its advised or managed funds and accounts (the “Investor”), pursuant to which the Investor agreed to purchase up to $100.0 million of shares of the Company’s common stock

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nikola Corp entered into "Exchange Agreement" with Antara Capital LP, on behalf of certain of its advised or managed funds and accounts (the "Investor") valued at $100.0 million aggregate principal amount (effective 2023-03-29).

Action: entry
Agreement: notes offering
Counterparty: Antara Capital LP, on behalf of certain of its advised or managed funds and accounts (the "Investor")
Value: $100.0 million aggregate principal amount
Effective: 2023-03-29

Exact text from the filing

On March 29, 2023, the Company, together with its wholly owned subsidiary, Nikola Subsidiary Corporation (the “Initial Guarantor Subsidiary”), entered into a privately negotiated exchange and investment agreement (the “Exchange Agreement”) with the Investor, relating to the exchange of $100.0 million aggregate principal amount of the Company’s 8.00% / 11.00% Convertible Senior PIK Toggle Notes due 2026 (the “Existing Notes”) held by the Investor for the issuance to the Investor of $100.0 million aggregate principal amount of the Company’s 8.00% / 11.00% Series B Convertible Senior PIK Toggle Notes due 2026

View on SEC.gov

Browse all debt financings →

Source: SEC EDGAR

accession 0001193125-23-088273

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.