Rivian enters up to $15B bond deal to fund Georgia EV plant; commits $5B minimum investment

Rivian Automotive, Inc. / DE

Rivian subsidiary signed Rental, Bond Purchase, and Option Agreements with JDA for Georgia EV plant construction.
JDA to issue up to $15B taxable revenue bonds; Rivian to purchase the bonds as issued.
Rivian commits minimum $5B investment in plant; term of rental agreement through December 2047.
PILOT payments start at $1.5M/year, reaching $20.4M by 2047; total minimum ~$300M over the period.
Option to purchase the project for $100 plus bond surrender; tax incentive ends upon exercise.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Rivian Automotive, Inc. / DE entered into Bond Purchase Agreement with Joint Development Authority of Jasper County, Morgan County, Newton County and Walton County valued at up to $15.0 billion taxable revenue bonds (effective 2023-11-09).

Action: entry
Agreement: credit facility
Counterparty: Joint Development Authority of Jasper County, Morgan County, Newton County and Walton County
Value: up to $15.0 billion taxable revenue bonds
Effective: 2023-11-09

Exact text from the filing

Pursuant to the Bond Purchase Agreement, the JDA has agreed to sell to the Company, and the Company has agreed to purchase from the JDA, the Project Bonds, as they are issued.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Rivian Automotive, Inc. / DE entered into Option Agreement with Joint Development Authority of Jasper County, Morgan County, Newton County and Walton County valued at purchase option for nominal $100 plus surrender of Project Bonds (effective 2023-11-09).

Action: entry
Counterparty: Joint Development Authority of Jasper County, Morgan County, Newton County and Walton County
Value: purchase option for nominal $100 plus surrender of Project Bonds
Effective: 2023-11-09

Exact text from the filing

Pursuant to the Option Agreement, the Company has an option to purchase the JDA’s right, title and interest in the Project for a nominal $100 purchase price, plus surrender of the Project Bonds marked “cancelled” to the JDA, plus any other sums then due to the JDA under the related Rental Agreement and other bond documents at any time prior to the expiration or earlier termination of the Rental Agreement.

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38 material agreements filed in the last 30 days. Browse all material agreements →

Rivian Automotive, Inc. / DE filing history →

Source: SEC EDGAR

accession 0001193125-23-275991

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