EV start-up NIO raises USD650 million via convertible senior notes
NIO plans to use the proceeds from notes issue to fund R&D and production and work on supply chain, sales, and marketing
NIO has raised USD650 million via five-year convertible senior notes due 1 February 2024, the company said in a press release on 30 January. The electric vehicle (EV) start-up has also offered its initial purchasers of senior notes a 30-day option to purchase USD100 million more in principal amount. NIO’s existing investors Tencent Holding and Hillhouse Capital Management participated in the transaction and bought notes worth USD30 million and USD5 million respectively.
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