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Nio Raises $1 Billion Via Convertible Bond Offering to Repay Debt, But Share Price Drops 12% on Pricing

  • Chinese EV maker Nio raised $1 billion through a convertible bond offering, split into two tranches.

  • Nio plans to use proceeds to repay debt and strengthen its balance sheet.

  • The bonds have 3.875% and 4.625% interest rates and 6 and 7 year terms.

  • Nio's share price dropped 12% after final pricing was set.

  • Nio posted a $839 million net loss in Q2 2022, wider than the $275 million loss a year earlier.

reuters.com
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