Rivian Upsizes and Extends Credit Facility
April 19 2023 - 4:05PM
Business Wire
Rivian Automotive, Inc. (NASDAQ: RIVN) has today announced that
Rivian Holdings LLC, a direct subsidiary of Rivian Automotive, has
entered into an Amended and Restated asset-based revolving Credit
Agreement (A&R Credit Agreement) with JPMorgan Chase Bank as
administrative agent. This A&R Credit Agreement amended
Rivian’s existing credit agreement dated May 20, 2021.
Among other things, the A&R Credit Agreement amended the
existing Credit Agreement to:
- Double the (currently undrawn) revolving commitments to $1.5
billion
- Increase the letter of credit sublimit from $500 million to
$1.0 billion
- Extend the maturity date from May 20, 2025 to a date that is
the earlier of April 19, 2028 and a date that is 91 days prior to
the stated maturity of certain series of debt for borrowed money
(subject to certain exclusions) with an aggregate principal amount
equal to or exceeding $200 million then outstanding
- Amend the borrowing base to expand eligibility (subject to
reserves and other exclusions) of certain assets - for example,
in-transit batteries
- Change the interest rate benchmark
- Amend certain other covenants and baskets to broaden future
indebtedness as part of Rivian's capital roadmap.
Claire McDonough, CFO, Rivian said:
“The amendments to our asset-based revolving credit facility
reinforce Rivian's strong balance sheet position and reflect an
important step in our portfolio based capital roadmap. Our amended
asset-based revolving credit facility doubles the available
revolving commitments to $1.5 billion, increases the letters of
credit capacity, extends the maturity and includes other amended
terms structured to support the rapid scaling of our business.”
The A&R Credit Agreement also permits Rivian Holdings,
subject to the terms and conditions thereof, to obtain additional
revolving commitments, so long as the total amount of all revolving
commitments under the A&R Credit Agreement does not exceed $2.0
billion after giving effect to such additional revolving
commitments.
About Rivian:
Rivian exists to create products and services that help our
planet transition to carbon neutral energy and transportation.
Rivian designs, develops, and manufactures category-defining
electric vehicles and accessories and sells them directly to
customers in the consumer and commercial markets. Rivian
complements its vehicles with a full suite of proprietary,
value-added services that address the entire lifecycle of the
vehicle and deepen its customer relationships. Learn more about the
company, products, and careers at www.rivian.com.
Forward-Looking Statements
This press release may include forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements. Forward-looking statements represent
Rivian’s current expectations regarding future events and are
subject to known and unknown risks and uncertainties that could
cause actual results to differ materially from those implied by the
forward-looking statements. Among those risks and uncertainties are
market conditions and risks relating to Rivian’s business,
including those described in Rivian’s Annual Report on Form 10-K
for the year ended December 31, 2022 filed with the Securities and
Exchange Commission and Rivian’s subsequent filings. These factors
could cause actual results to differ materially from those
indicated by forward-looking statements made in this press release.
Any forward-looking statements included in this press release speak
only as of the date of this press release, and Rivian does not
undertake to update the statements included in this press release
for subsequent developments, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230419005935/en/
Investors: ir@rivian.com Media: Harry Porter
media@rivian.com
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