Tesla Motors announced that it has paid off the entire loan awarded to the company by the Department of Energy in 2010. In addition to payments made in 2012 and Q1 2013, today's wire of almost half a billion dollars ($451.8M) repays the full loan facility with interest. Following this payment, Tesla will be the only American car company to have fully repaid the government for a Dept of Energy loan.
The loan payment was made today using a portion of the approximately $1 billion in funds raised in last week's concurrent offerings of common stock and convertible senior notes. Elon Musk, Tesla's Chief Executive Officer and cofounder, purchased $100 million of common equity, the least secure portion of the offering.
In the first quarter of 2013, Tesla sold nearly $68 million of the zero-emission credits to other automakers. That represented 12% of its overall revenue.
Read more at NBF
The loan payment was made today using a portion of the approximately $1 billion in funds raised in last week's concurrent offerings of common stock and convertible senior notes. Elon Musk, Tesla's Chief Executive Officer and cofounder, purchased $100 million of common equity, the least secure portion of the offering.
In the first quarter of 2013, Tesla sold nearly $68 million of the zero-emission credits to other automakers. That represented 12% of its overall revenue.
Read more at NBF
