Tesla plans to raise $2 billion from boosted stock, bond offerings

Tesla tapped the markets again after Elon Musk overestimated the ability of the Model 3 sedan to generate enough cash for the company to be self-sustaining.

Tesla Inc. raised $2.35 billion through debt and stock offerings that were boosted from the company’s initial plans.

The electric-car maker raised $750 million of common stock priced at $243 per share and borrowed $1.6 billion through an offering of convertible bonds due 2024 at a 2 per cent coupon and a 27.5 per cent conversion premium, Tesla said Friday in a filing. Tesla stock, which had been down 30 per cent this year, closed 4.3 per cent higher Thursday while the price of its bonds advanced.

Tesla tapped the markets again after Elon Musk overestimated the ability of the Model 3