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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Tesla Motors Closes $500MM Credit Facility With Deutsche, Others
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Lenders/Participants
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Deutsche Bank [Administrative Agent, Collateral Agent]
Wells Fargo Bank [Documentation Agent]
JPMorgan Chase Bank [Syndication Agent]
Goldman Sachs [Syndication Agent]
Morgan Stanley Senior Funding [Syndication Agent]
Bank of America [Syndication Agent]
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Structure
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Senior Secured ABL Revolver
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Amount
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$500.000
Million
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Borrower(s)
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Tesla Motors Netherlands B.V.
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Description
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The Credit Agreement provides for a senior secured asset-based revolving credit facility of up to $500.0 million (the “Credit Facility”), which the Borrowers may draw upon from time to time. The Company may increase the total commitments under the Credit Facility by up to an additional $250.0 million, subject to certain conditions, potentially increasing the Credit Facility to up to $750.0 million. In addition, the Credit Agreement provides for a $100.0 million letter of credit subfacility and a $40.0 million swingline loan subfacility. The proceeds of the loans under the Credit Agreement may be used for working capital and general corporate purposes. The Credit Facility terminates, and all outstanding loans become due and payable, on June 10, 2020. There were no amounts outstanding under the Credit Facility as of the Closing Date. Availability under the Credit Facility will be based upon periodic borrowing base certifications valuing certain of the Borrowers’ inventory, accounts receivable and equipment, as reduced by certain reserves. Outstanding borrowings accrue interest at floating rates plus an applicable margin of 1.0% for LIBOR rate loans, and 0.0% for base rate loans. The commitment fee payable on the unused portion of the Credit Facility equals 0.25% per annum based on utilization of the Credit Facility.
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Industry
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Automotive
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| Related Tags |
Bank of America, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley Senior Funding, Wells Fargo Bank
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ABL Advisor
Deal Tables
2025
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