ELECTRIC vehicle (EV) maker Rivian Automotive plans to borrow as much as US$15 billion of taxable bonds to help finance a manufacturing plant in Georgia.
The bonds will be issued through the Joint Development Authority of Jasper, Morgan, Newton & Walton Counties, a municipal agency, according to a Nov 9 agreement, disclosed in a securities filing. The bonds will be backed by rental payments made by Rivian as part of an incentive package to woo the carmaker.
Rivian will purchase the bonds as they are issued, according to the filing. A representative for Rivian did not immediately respond to a request for comment.
Source : BT