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Tesla seeks $1.5 billion in junk bonds to fund Model 3 production

Reuters  |  DETROIT 

By Nick CareyDETROIT (Reuters) - Tesla Inc said on Monday it would raise about $1.5 billion through its first-ever high-yield junk bond offering, as the U.S. luxury electric car maker ramps up the production of its new the Model 3 sedan.The debt offering marks Tesla's debut in the junk-bond market and the company will start road-shows on Monday, IFR reported, citing lead bankers on the deal.So far, Tesla has been raising money through a combination of equity offerings and convertible bonds, which eventually convert into shares. Following the announcement, Standard & Poor's reaffirmed its ...

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First Published: Mon, August 07 2017. 20:58 IST