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Tesla Motors To Repay $411 Million In Third Quarter On Convertible Debt

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy Omniscient Member

Ron Burgundy

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A prototype of the Tesla Model 3 is on display in front of the factory during a media tour of the Tesla Gigafactory which will produce batteries for the electric carmaker in Sparks"During the third quarter, we will be using substantial amounts of cash in connection with conversions of our 2018 Notes and we could pursue other actions to reduce our outstanding balance of convertible notes, which could require further outlays of cash," Tesla wrote in its quarterly filing with the U.S. Securities and Exchange Commission. Tesla, which wants to buy solar panel installer SolarCity Corp for $2.6 billion in shares, also disclosed that the value of its secured assets had limited its ability to borrow under its asset-based revolving credit agreement with a syndicate of banks. As it said in its previous quarterly filing in March, Tesla warned that the cost of building and operating its Gigafactory battery factory in Nevada could exceed the company's current expectations.




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