Rivian issues $1.725B green convertible notes at 3.625%, maturing 2030, with capped calls

Rivian Automotive, Inc. / DE

Initial conversion price of ~$23.29 per share, 27.5% premium over Oct 5 close of $18.27.
Capped call transactions cost ~$93.8M, cap price ~$31.06 (70% premium), reducing dilution on conversion.
Net proceeds ~$1.486B (or ~$1.709B if full greenshoe) to fund Eligible Green Projects.
Notes are senior unsecured, redeemable after Oct 2027 if stock exceeds 130% of conversion price.

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.

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

Rivian Automotive, Inc. / DE entered into Indenture with U.S. Bank Trust Company, National Association valued at $1,725,000,000 principal amount of its 3.625% Green Convertible Senior Notes due 2030 (effective 2023-10-11).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $1,725,000,000 principal amount of its 3.625% Green Convertible Senior Notes due 2030
Effective: 2023-10-11

Exact text from the filing

On October 11, 2023, Rivian Automotive, Inc. (the “ Company ”) issued $1,725,000,000 principal amount of its 3.625% Green Convertible Senior Notes due 2030 (the “ Notes ”). The Notes were issued pursuant to, and are governed by, an indenture (the “ Indenture ”), dated as of October 11, 2023, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “ Trustee ”).

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Rivian Automotive, Inc. / DE filing history →

Source: SEC EDGAR

accession 0001193125-23-254132

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