Amber Heard and Elon Musk speaks out about break up

13 August, 2017, 14:41 | Author: Leticia Walters
  • Tesla seeks $1.5 bn junk bond issue to fund Model 3 production

Tesla Model S and X previously had the HW 2.0 platform which was backed by Nvidia's Drive PX2.

Despite TSLA stock advancing more than 50% since the start of this year, Tesla the company has attracted a veritable flood of negativity - no thanks to Elon Musk. This measurable risk of default is one of the reasons why Tesla's bond offering is, by definition, a junk bond.

Tesla announced on Monday that they are raising $1.5 billion in debt in order to fund the expansion of Model 3 production. S&P rated the bonds negative B and Moody's B3. The company's "financing model is fragile", tech analysts with Devonshire Research Group said in a research note past year about Tesla's increasingly complex business model. Let's not forget, Tesla's debt burden rose significantly in 2016 when it bought solar panel maker SolarCity.

"It was well-received", said Efraim Levy of CFRA. This Californian organization had expended more than two billion dollars in real money to this point of 2017 in front of their dispatch.

The eight-year bonds will have a yield of 5.25 percent, in line with initial talk, according to a person with knowledge of the matter, who asked not to be identified because the sale is private.

But even as Friday's deal seemed to be going well, many fixed-income accounts expressed some scepticism about a deal from a company that has been burning through cash. Of course, Tesla will pitch itself as a "green" bond issuer and the final rate of interest could depend on investor appetite.

The electric auto maker revolves around constant iteration, but it also has to meet the expectations of customers who bought expensive add-ons assuming they'd eventually get full self-driving features. Musk would likely be out, and the army of employees with a shared mission would be leaderless. Over time, there will be more optional systems that will be offered on the Model 3.

The capital raise comes sooner than some expected. Scaling up Model 3 production, in contrast, means dramatically increasing Tesla's monthly raw materials supply, battery production, and manufacturing speed.

Goldman Sachs acted as left lead, while Morgan Stanley, Bank of America, Citigroup, Deutsche Bank and RBC came in as bookrunners. Until now, Tesla's Fremont, Calif., plant has been turning out fewer than 100,000 sedans and crossovers a year.

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