Rivian Announces Pricing of $1.5 Billion Green Convertible Senior Notes

Rivian Automotive, Inc. has announced the pricing of its offering of $1.5 billion aggregate principal amount of 3.625% green convertible senior notes due 2030. The private offering is being made to qualified institutional buyers and is expected to settle on October 10, 2023, subject to customary closing conditions.

The notes will be senior, unsecured obligations of Rivian and will accrue interest at a rate of 3.625% per annum, payable semi-annually. They will mature on October 15, 2030, and noteholders will have the option to convert their notes under certain conditions. Rivian estimates that the net proceeds from this offering will be approximately $1,486.3 million.

The company intends to use the net proceeds to finance, refinance, and make direct investments in eligible green projects, in alignment with the guidelines of the Green Bond Principles, 2021. These projects include clean transportation, renewable energy, circular economy, energy efficiency, and pollution prevention and control.

In connection with the offering, Rivian has entered into capped call transactions to reduce potential dilution to its common stock upon conversion of the notes. The capped call transactions cover the number of shares of Rivian’s common stock underlying the notes.

This offering represents Rivian’s commitment to creating products and services that contribute to a carbon-neutral energy and transportation future. The company designs, develops, and manufactures electric vehicles and accessories, selling them directly to customers in the consumer and commercial markets. Rivian also offers a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle.

Please note that the offer and sale of the notes and any shares of common stock issuable upon conversion have not been registered under the Securities Act or any other securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy the notes or any shares of common stock.

For more information, please refer to the original press release.

Source: [Business Wire](https://www.businesswire.com/news/home/20231005782001/en/)