Tesla Plans Crossover Version of Model 3
Jun 17 15
Tesla planed a crossover version of its model 3. The third-generation vehicles currently under development will be available as both sedans and crossovers. Due in 2017, the Model 3 lineup is expected to cost about USD 35,000 and give drivers a battery range of 200 miles. Tesla is developing cars to come after the Model 3.
Dalhousie University Announces Five-Year Research Partnership with Tesla Motors to Develop Better Lithium-Ion Battery Technology
Jun 17 15
Dalhousie University has announced a five-year research partnership with Tesla Motors to develop better lithium-ion battery technology. Dalhousie said the exclusive partnership with Tesla will begin in a year's time. In the meantime, Dahn will continue to work as the Industrial Research Chair in Materials for Advanced Batteries, which is funded by 3M Canada and the Natural Sciences and Engineering Research Council of Canada. Twenty-five people work in Dahn's research laboratory at Dalhousie.
Tesla Motors, Inc. and Tesla Motors Netherlands B.V. Enter into an ABL Credit Agreement with Deutsche Bank, Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Wells Fargo and Credit Suisse
Jun 12 15
On June 10, 2015, Tesla Motors, Inc. and its subsidiary Tesla Motors Netherlands B.V. entered into an ABL Credit Agreement with Deutsche Bank, Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Wells Fargo and Credit Suisse. The Credit Agreement provides for a senior secured asset-based revolving credit facility of up to $500.0 million, which the Borrowers may draw upon from time to time. The Company may increase the total commitments under the Credit Facility by up to an additional $250.0 million, subject to certain conditions, potentially increasing the Credit Facility to up to $750.0 million. In addition, the Credit Agreement provides for a $100.0 million letter of credit subfacility and a $40.0 million swingline loan subfacility. The proceeds of the loans under the Credit Agreement may be used for working capital and general corporate purposes. The Credit Facility terminates, and all outstanding loans become due and payable, on June 10, 2020. There were no amounts outstanding under the Credit Facility as of the Closing Date. Availability under the Credit Facility will be based upon periodic borrowing base certifications valuing certain of the Borrowers' inventory, accounts receivable and equipment, as reduced by certain reserves. Outstanding borrowings accrue interest at floating rates plus an applicable margin of 1.0% for LIBOR rate loans, and 0.0% for base rate loans. The commitment fee payable on the unused portion of the Credit Facility equals 0.25% per annum based on utilization of the Credit Facility. On the Closing Date, the Borrowers provided an unconditional guaranty of all amounts owing under the Credit Agreement and related credit documents. Certain material subsidiaries of the Borrowers are required to become parties to these guaranties. The Borrowers have also granted security interests in their respective accounts, inventory, certain equipment, certain related assets, specified deposit accounts for the collection of accounts receivable, and certain other accounts to secure all obligations of the Borrowers under the Credit Agreement and the related credit documents. Future subsidiary guarantors are also required to become a party to the applicable security agreements. The Credit Agreement contains customary affirmative covenants, such as financial statement reporting requirements and delivery of borrowing base certificates. The Credit Agreement also contains customary covenants that limit the ability of the Company and its subsidiaries to, among other things, pay dividends, incur debt, create liens and encumbrances, or redeem or repurchase stock. Under certain circumstances, the Company is required to maintain a minimum fixed charge coverage ratio. The Credit Agreement contains customary events of default, such as the failure to pay obligations when due, initiation of bankruptcy or insolvency proceedings, defaults on certain other indebtedness, change of control, material breach of representations and warranties, and the failure to meet certain liquidity conditions with respect to the Company's convertible senior notes. Upon an event of default, the lenders may, subject to customary cure rights, require the immediate payment of all amounts outstanding and foreclose on collateral.