Lucid launches $875M convertible notes offering due 2031; also to repurchase portion of 2026 notes

Lucid Group, Inc.

Offers $875M (plus up to $100M greenshoe) of convertible senior notes due Nov 2031; interest rate & conversion price to be set at pricing.
Net proceeds to repurchase portion of outstanding 1.25% convertible notes due 2026 and for general corporate purposes.
PIF's subsidiary Ayar to enter prepaid forward transaction with forward counterparty, facilitating investor hedging and potentially raising conversion price.
Notes are senior unsecured, redeemable after Nov 6, 2028 if stock price exceeds 130% of conversion price; settlement in cash/stock at Lucid's election.
Offering is private to QIBs under Rule 144A; not registered under Securities Act.

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