{"id":89568,"date":"2025-04-11T00:00:00","date_gmt":"2025-04-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2025\/04\/11\/lucid-closes-usd-1-bn-convertible-bond-sale-via-private-placement\/"},"modified":"2025-04-11T00:00:00","modified_gmt":"2025-04-11T00:00:00","slug":"lucid-closes-usd-1-bn-convertible-bond-sale-via-private-placement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2025\/04\/11\/lucid-closes-usd-1-bn-convertible-bond-sale-via-private-placement\/","title":{"rendered":"Lucid closes USD 1 bn convertible bond sale via private placement"},"content":{"rendered":"

Lucid wraps hefty refinancing play:<\/strong> PIF-backed luxury EV-maker Lucid closed a USD 1.1 bn offering of convertible notes due 2030, according to a press release<\/a> 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 \u2014 effectively extending their maturity and reducing Lucid\u2019s near-term debt pressure. The offering was backed by the PIF, Lucid\u2019s largest shareholder.<\/p>\n

On a fund-raising roll: <\/strong>In 2024<\/a>, 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. <\/p>\n

ICYMI- <\/strong>The cash-strapped automaker exceeded expectations in 4Q 2024<\/a> with vehicle deliveries growing 78% y-o-y to 3.1k, and production surging 42% to 3.4k vehicles. Meanwhile, Lucid\u2019s net loss widened 9.3% y-o-y<\/a> to USD 3.07 mn in 2024, according to its latest earnings release<\/a>. <\/p>\n

\n

DEBT UPDATES FROM JORDAN-<\/p>\n

#1- The World Bank has approved USD 250 mn in additional financing for Jordan\u2019s <\/strong>Electricity Sector Efficiency and Supply Reliability Program<\/a><\/strong>(ESERP)<\/strong>, according to a statement<\/a> issued on Tuesday. The financing is part of a broader USD 1.1 bn package aimed at supporting the country\u2019s Economic Modernization Vision. <\/p>\n

We knew this was coming:<\/strong> The World Bank was said last month<\/a> to be reviewing a request from the Jordanian government for up to USD 200 mn to support the country\u2019s ESERP \u2014 a two-phase, eight-year program that focuses on cost-efficiency, grid reliability, and governance reforms at the state-owned grid operator \u2014 the National Electric Power Company (NEPCO). The funding will support cost-cutting and revenue-boosting measures aimed at reducing NEPCO\u2019s operational losses, while also cutting outages per customer. <\/p>\n

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

#2- <\/strong>EBRD <\/strong>doles out EUR 27.3 mn for Jordanian climate finance: <\/strong>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\u2019s<\/a> ability to provide green finance in Jordan, according to a press release<\/a> published on Monday. The loan \u2014 a Basel III-compliant instrument \u2014 will provide funding to micro, small, and medium enterprises.<\/p>\n

Where\u2019s the money going? <\/strong>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.<\/p>\n

And that\u2019s not all: <\/strong>EBRD and Jordan\u2019s Microfund for Women<\/a> inked a USD 4 mn Green Economy Financing Facility (GEFF), including USD 1 mn in co-financing funded by the Green Climate Fund<\/a>, according to a press release<\/a> published on Monday. The loan aims to boost green financing for underserved businesses, especially those owned by women.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: The World Bank approves USD 250 mn to boost Jordan\u2019s energy efficiency<\/p>\n","protected":false},"author":1,"featured_media":89569,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[83,390,11,164,93,194,293,159,161],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-ebrd","tag-enterpriseclimate","tag-green-finance","tag-jordan","tag-lucid-motors","tag-pif","tag-saudi-arabia","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"4552b857-89df-43cc-b9df-015c486fb4cd","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/472.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Lucid closes USD 1 bn convertible bond sale via private placement","related_issue":[89557],"teaser":"PLUS: The World Bank approves USD 250 mn to boost Jordan\u2019s energy efficiency","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.7fe29999-8481-42c2-ae9e-bf9544aa33f6.mp3"},"yoast_head":"\nLucid closes USD 1 bn convertible bond sale via private placement - 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