Chinese language electrical automobile maker
(ticker: NIO) stated it was providing $1 billion in convertible bonds, becoming a member of different electrical car firms
(FSR) in elevating funds on this means.
Convertible bonds might be transformed into shares in an organization, which can dilute present stockholders however permit the corporate to borrow cash and have decrease rates of interest than customary company bonds.
American depositary receipts
(Image: NIO) fell 4.3% in pre-market buying and selling on Tuesday. US-listed shares are up greater than 5% this yr, however are nonetheless nearly 50% decrease than they had been 12 months in the past. NIO has suffered losses this yr in a crowded marketplace for luxurious electrical vehicles.
“The Firm plans to make use of a portion of the online proceeds from the bond providing to repurchase a portion of its present debt securities, and the rest primarily to strengthen its steadiness sheet place in addition to for common company functions,” the corporate stated in an announcement. a allow.
Write to Brian Swint at firstname.lastname@example.org
(tags for translation) Automotive