Rivian Automotive, Inc. (Nasdaq: RIVN) has announced the pricing of its offering of US$1.5 billion aggregate principal amount of 3.625% green convertible senior notes due 2030 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The issuance and sale of the notes are scheduled to settle on October 10, 2023, subject to customary closing conditions. Rivian also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional US$225 million principal amount of notes.
Latham & Watkins LLP represents Rivian in the offering with a corporate team led by partners Tad Freese, Marc Jaffe, and Salvatore Vanchieri, with associates Nicholas Reist, Matthew Schlanger, and Adam Picker. Partner Greg Rodgers led the team advising on convertible debt matters, with associates Ryan Gold and Andrew Bentz. Advice was also provided on equity derivatives matters by partner Catherine Lee, with associates Chris Yu and Yi Wei.
