Tesla offering now north of $1 billion
By Lindsay Riddell, San Francisco Business Times
Elon Musk's Tesla sold $1 billion in debt and equity today. It will use part of the money to repay federal loans.
Tesla sold $1 billion in debt and equity today to pay back its $452.4 million federal loan and for other corporate purposes.
The company said May 15 it would sell stock and convertible bonds. The company increased its bond offering twice through Thursday, landing on $600 million.
It priced 3.7 million shares of common stock at $92.24.
Investor enthusiasm about Tesla has soared since the company announced last week it had its first profitable quarter — netting $12 million.
Its stock closed at $91.50, up from less than $40 three months ago.
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