Tesla to raise $1.15B with new offerings

|By:, SA News Editor

Tesla (NASDAQ:TSLA) announces a $250M offering of common stock and $750M of convertible senior notes due in 2022.

The company grants the underwriters a 30-day option to purchase up to an additional 15% of each offering.

Elon Musk will purchase $25M of common stock.

The aggregate gross proceeds of the offerings is expected to be approximately $1.15B.

Tesla says it intends to use the proceeds to strengthen its balance sheet and further reduce any risks associated with the rapid scaling of its business amid the Model 3 ramp up.

TSLA +2.95% AH to $263.33.

Source: Press Release