Rivian Automotive, Inc. has announced a proposed offering of $1.25 billion in senior secured green notes due 2031. The proceeds from this offering, along with cash on hand, are intended to be used to refinance the company's outstanding $1.25 billion floating rate senior secured notes due 2026. This offering is being made to qualified institutional buyers and non-U.S. persons, under Rule 144A and Regulation S of the Securities Act of 1933. The notes are expected to be guaranteed by the company's subsidiaries and secured on a first-priority basis by substantially all assets of the issuers and guarantors, excluding certain assets and permitted liens. Details such as the price, maturity date, and interest rate of the notes were not disclosed in the document.
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