Tesla recharges balance sheet

摘要

Elon Musk's tesla tapped the robust US convertible bond market last week for the bulk of its US$1.2bn capital raise, less than many envisaged but enough for the electric carmaker to fund capex to support production of its Model 3 sedan. While the overall financing was upsized from US$1bn there was some investor push-back against the CB. The CB priced at a 2.375% coupon and 25% premium to the US$262 reference price, the same price at which Tesla sold 1.34m new shares.