ESG & Investing
Rivian Slides on $1.3 Billion Green Convertible Bond Plan
- EV maker to offer notes convertible to common stock, cash
- Offering ‘helps shore up liquidity’ into 2024, analyst says
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Rivian Automotive Inc.’s shares fell after the electric-vehicle maker revealed plans to raise $1.3 billion through the sale of green convertible bonds due in 2029.
The company will use proceeds from the offering to finance, refinance or invest in current and future green projects, according to a statement late Monday. Rivian intends to settle conversions through Class A common stock or a combination of cash and stock, the company said.