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Tesla seeks $1.5 billion junk bonds issue to fund Model 3 production

10:50 EDT 7 Aug 2017 | Yahoo News

Tesla seeks $1.5 billion junk bonds issue to fund Model 3 productionBy Nick Carey DETROIT (Reuters) - Tesla Inc said on Monday it would raise about $1.5 billion through its first-ever high-yield junk bond offering, as the U.S. luxury electric car maker seeks fresh sources of cash to ramp up production of its new Model 3 sedan. The debt offering marks Tesla's debut in the junk-bond market and the company will start road-shows on Monday, IFR reported, citing lead bankers on the deal. Tesla has been riding high on investor expectations that its Model 3 will be a mass-market hit, with shareholders pushing its market value above that of General Motors Co and Ford Motor Co , the top two U.S. automakers that produce millions of cars each annually.


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