Lucid wraps hefty refinancing play: PIF-backed luxury EV-maker Lucid closed a USD 1.1 bn offering of convertible notes due 2030, according to a press release published on Tuesday. The Nasdaq-listed firm earmarked USD 935 mn of the total proceeds to repurchase nearly USD 1.05 bn in outstanding convertible bonds originally due next year — effectively extending their maturity and reducing Lucid’s near-term debt pressure. The offering was backed by the PIF, Lucid’s largest shareholder.

On a fund-raising roll: In 2024, PIF and its subsidiary Ayar Third Investment Company invested USD 2.55 bn and USD 1.5 bn, respectively, in Lucid through follow-on public offerings and private placings.

ICYMI- The cash-strapped automaker exceeded expectations in 4Q 2024 with vehicle deliveries growing 78% y-o-y to 3.1k, and production surging 42% to 3.4k vehicles. Meanwhile, Lucid’s net loss widened 9.3% y-o-y to USD 3.07 mn in 2024, according to its latest earnings release.

DEBT UPDATES FROM JORDAN-

#1- The World Bank has approved USD 250 mn in additional financing for Jordan’s Electricity Sector Efficiency and Supply Reliability Program(ESERP), according to a statement issued on Tuesday. The financing is part of a broader USD 1.1 bn package aimed at supporting the country’s Economic Modernization Vision.

We knew this was coming: The World Bank was said last month to be reviewing a request from the Jordanian government for up to USD 200 mn to support the country’s ESERP — a two-phase, eight-year program that focuses on cost-efficiency, grid reliability, and governance reforms at the state-owned grid operator — the National Electric Power Company (NEPCO). The funding will support cost-cutting and revenue-boosting measures aimed at reducing NEPCO’s operational losses, while also cutting outages per customer.

Jordan is no stranger to World Bank support: The country inked two loan agreements with the bank back in 2023, worth a combined USD 650 mn, including a USD 250 mn facility already directed to support the ESERP.

#2- EBRD doles out EUR 27.3 mn for Jordanian climate finance: The European Bank for Reconstruction and Development (EBRD) has approved a EUR 27.3 mn (c. USD 30 mn) loan to bolster Bank Al Etihad’s ability to provide green finance in Jordan, according to a press release published on Monday. The loan — a Basel III-compliant instrument — will provide funding to micro, small, and medium enterprises.

Where’s the money going? 60% of the funds will be set aside for green financing, enhancing industrial energy efficiency, and renewable energy. The remaining 40% will contribute to social initiatives as well as inclusive finance and underserved MSMEs.

And that’s not all: EBRD and Jordan’s Microfund for Women inked a USD 4 mn Green Economy Financing Facility (GEFF), including USD 1 mn in co-financing funded by the Green Climate Fund, according to a press release published on Monday. The loan aims to boost green financing for underserved businesses, especially those owned by women.

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