Key Developments: Tesla Motors Inc (TSLA.O)
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Latest Key Developments (Source: Significant Developments)
Tesla Motors Inc Raises More Than $1 Billion From Debt, Equity-Reuters
Reuters reported that Tesla Motors Inc has upsized its debt and equity offerings, as the electric car maker capitalizes on surging investor demand to raise more than $1 billion in cash. The Company increased the size of the convertible bond offering to $600 million, after increasing it earlier that day to $525 million from an initial $450 million. Meanwhile on May 17th Tesla finalized a per share price of $92.24 for the sale of 3.39 million common stock shares. It had originally planned to offer 2.7 million shares. With overallotment options included on both offerings, total fundraising is $1.02 billion. Full Article
Tesla Motors Inc Announces Offerings Of Common Stock And Convertible Senior Notes
Tesla Motors Inc announced offerings of 2,703,027 shares of common stock and $450 million aggregate principal amount of convertible senior notes due 2018 in concurrent underwritten registered public offerings. In addition, Tesla has granted the underwriters a 30-day option to purchase up to an additional 405,454 shares of common stock and $67.5 million in aggregate principal amount of the notes. The aggregate gross proceeds of the offerings, including the options granted to the underwriters, and the private placement is expected to be approximately $830 million. Tesla intends to use the net proceeds from the offerings to prepay Tesla's outstanding loan from the United States Department of Energy, pay the cost of convertible note hedge transactions and for general corporate purposes. Goldman, Sachs & Co. is acting as sole book-running manager for the offering of common stock. Goldman, Sachs & Co., Morgan Stanley and J.P. Morgan are acting as joint book-running managers for the notes offering. Full Article
Tesla Motors Inc Announces Pricing Of Follow-On Offering
Tesla Motors Inc announced that it has priced and fully allocated its follow-on offering of 6,925,740 shares of common stock at a price to the public of $28.25 per share. In addition, Tesla has granted the underwriter a 30-day option to purchase up to an additional 1,038,861 shares of common stock. All shares are being offered by Tesla. The closing of the offering is expected to take place on or about October 3, 2012, subject to customary closing conditions. Tesla intends to use the net proceeds from the offering for general corporate purposes. Goldman, Sachs & Co. is acting as sole book-running manager for this offering. Full Article
Tesla recalls some Model S cars due to seat-mount defect
- Electric car maker Tesla Motors Inc will recall 1,228 of its 2013 Model S cars manufactured between May 10 and June 8 due to a defect in the mounting bracket of the rear seat.
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