NIO - NIO Inc. Announces Closing of US$1 Billion Convertible Senior Notes Offering | Benzinga
SHANGHAI, China, Sept. 25, 2023 (GLOBE NEWSWIRE) -- NIO Inc. (NYSE:NIO, HKEX: 9866, SGX: NIO)) ("NIO" or the "Company"), a pioneer and a leading company in the premium smart electric vehicle market, today announced the closing of its offering of US$500 million in aggregate principal amount of convertible senior notes due 2029 (the "2029 Notes") and US$500 million in aggregate principal amount of convertible senior notes due 2030 (the "2030 Notes," and, together with the 2029 Notes, the "Notes") (the "Notes Offering"). The Notes were sold to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").
The Company has granted the initial purchasers in the Notes Offering an option, exercisable within a 30-day period beginning on, and including, the date of the Notes Offering, to purchase up to an additional US$75 million in aggregate principal amount of the 2029 Notes and up to an additional US$75 million in aggregate principal amount of the 2030 Notes.
Shortly after the pricing of the Notes, the Company purchased, in separate privately negotiated transactions effected through one of the initial purchasers and its affiliates, approximately US$256 million aggregate principal amount of the Company's outstanding 0.00% convertible senior notes due 2026 and approximately US$244 million aggregate principal amount of the Company's outstanding 0.50% convertible senior notes due 2027 for cash using the net proceeds from the Notes Offering. The Company plans to use the remainder of the net proceeds from the Notes Offering mainly to further strengthen its balance sheet position as well as for general corporate purposes.
The Notes, the ADSs deliverable upon conversion of the Notes, if any, and the Class A ordinary shares represented thereby, have not been ...