RIYADH: Electric vehicle manufacturer Lucid Group, majority-owned by Saudi Arabia’s Public Investment Fund, has closed a $1.1 billion offering of convertible senior notes due in 2030.
In a statement, the company said $935.6 million of the net proceeds will be used to repurchase approximately $1.05 billion in aggregate principal of its outstanding 1.25 percent convertible senior notes due 2026.
The offering also included the exercise of an option granted to initial purchasers, allowing them to acquire an additional $100 million in principal amount of the new notes.
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