Tesla drives off with covenants on $1.5bn bond debut
US electric car firm Tesla was roadshowing a $1.5bn eight year debut bond offering this week. The company can do no wrong in many observers’ eyes, although stripped back documentation is likely to deter at least some investors from the deal.
The eight year non-call three senior unsecured dollar notes mark Tesla’s debut in the bond markets, after years of privately conducted equity fundraising rounds.
Goldman Sachs is leading the deal, which has initial price talk at 5.25%. Perhaps more importantly, however, the bond affords little protection to potential
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