Lucid Group Inc. has announced a proposed private offering of $875 million aggregate principal amount of Convertible Senior Notes due 2031. The company also expects to grant the initial purchasers an option to buy up to an additional $100 million aggregate principal amount of notes within 13 days of the initial issuance. The notes are being offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. Lucid intends to use part of the proceeds to repurchase a portion of its existing 1.25% convertible notes due in 2026. The interest rate and pricing terms for the new offering were not disclosed in the announcement. The Public Investment Fund of Saudi Arabia is providing ongoing support for Lucid through a prepaid forward transaction. The offer and sale of the notes have not been registered under the Securities Act and will be subject to certain restrictions.