BUZZ-EV maker Lucid edges down after $875 mln convertible bonds offering launch

Reuters

15 hours ago

BUZZ-EV maker <a href="https://laohu8.com/S/LCID">Lucid</a> edges down after $875 mln convertible bonds offering launch

** Shares of Lucid Group LCID.O down 0.3% at $16.94 post-market as electric vehicle maker seeks capital raise to refinance debt

** California-based LCID announces private offering of $875 mln 6-yr convertible bonds (CBs)

** LCID intends to use net proceeds to repurchase portion of its 1.25% CBs due 2026 and for general purposes

** In connection with the offering, it expects Ayar Third Investment Company, subsidiary of Public Investment Fund of Saudi Arabia (PIF), to enter prepaid forward share purchase transactions with the new CBs investors to facilitate hedging

** LCID has ~324.2 mln shares outstanding for about $5.6 bln market cap

** Shares closed down 1.1% at $16.99 on Tues, down 44% YTD

** Of 15 analysts covering LCID, recommendation breakdown is 1 "buy", 10 "hold" and 4 "sell" or "strong sell"; median PT is $20, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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