Tesla asks Wall Street for $2.3bn to shore up falling cash reserves

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By Aidan Gregory
02 May 2019

Shares in Tesla, the US maker of electric vehicles, gained as much as 2.8% on Thursday morning after the company announced it would raise up to up to $2.3bn of capital by selling new shares and convertible bonds to strengthen its balance sheet following a net loss of $702m in the first quarter of the year.

Goldman Sachs and Citigroup are global coordinators, Bank of America, Deutsche Bank, Morgan Stanley and Credit Suisse are bookrunners.

The new $1.35bn convertible bonds are due in 2024. The capital increase has been sized at $650m. Telsa has also granted its banks the option to purchase up to ...

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