Nikola Corp: debt financing — Nikola raises $95.7M from 133M share offering at $0.75/share and $169.5M from 8.25% convertible notes due 2026

Nikola Corp

Sold 133,333,334 shares of common stock at $0.75/share; net proceeds ~$95.7M.
Issued $175M aggregate principal of 8.25% Green Convertible Senior Notes due 2026; net proceeds ~$169.5M.
Notes convertible at $0.90/share (20% premium over common stock offering price).
Proceeds to be used for working capital and to finance eligible green projects per Green Bond Principles.
Both offerings closed on Dec 12, 2023; BTIG acted as lead underwriter.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Nikola Corp incurred convertible notes of $175,000,000 aggregate principal amount with U.S. Bank Trust Company, National Association at 8.25% per annum maturing December 15, 2026.

Instrument: convertible notes
Principal: $175,000,000 aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 8.25% per annum
Maturity: December 15, 2026
Event: incurrence

Exact text from the filing

On December 12, 2023, Nikola Corporation (the “Company”) consummated the sale and issuance of $175,000,000 aggregate principal amount of the Company’s 8.25% Green Convertible Senior Notes due 2026

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

Nikola Corp entered into Indenture with U.S. Bank Trust Company, National Association valued at $175,000,000 aggregate principal amount (effective 2023-12-12).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $175,000,000 aggregate principal amount
Effective: 2023-12-12

Exact text from the filing

On December 12, 2023, Nikola Corporation (the “Company”) consummated the sale and issuance of $175,000,000 aggregate principal amount of the Company’s 8.25% Green Convertible Senior Notes due 2026 (the “Notes”) to certain underwriters (the “Notes Underwriters”).

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Source: SEC EDGAR

accession 0001193125-23-293402

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