Overview
- Lucid is offering $875 million of convertible senior notes to qualified institutional buyers with an option for initial purchasers to buy up to an additional $100 million within 13 days of issuance.
- The company says the issuance and sale are scheduled to settle on or about November 17.
- Net proceeds are designated to repurchase a portion of the 1.25% convertible notes due 2026 through separately negotiated cash transactions with holders.
- Ayar Third Investment Company, a Public Investment Fund subsidiary, expects to enter a prepaid forward to acquire Lucid shares with delivery around the notes’ maturity.
- The unregistered notes are senior unsecured, allow cash or stock settlement upon conversion, and are callable for cash from November 6, 2028 if price and liquidity conditions are met.