Rivian Automotive, Inc. - RIVN STOCK NEWS

Rivian Automotive, Inc. (NASDAQ: RIVN) has announced an Amended and Restated asset-based revolving Credit Agreement with JPMorgan Chase Bank, doubling its undrawn revolving commitments to $1.5 billion. This agreement also increases the letter of credit sublimit from $500 million to $1.0 billion and extends the maturity date to April 19, 2028. The borrowing base has been amended to allow for a broader range of asset eligibility. CFO Claire McDonough noted that these amendments bolster Rivian's balance sheet and support business scaling. The agreement permits additional revolving commitments up to $2.0 billion, enhancing Rivian's capital flexibility as it continues to develop electric vehicles and related services.

Rivian Automotive, Inc. (NASDAQ: RIVN) has appointed Martin Huelder as Vice President of its commercial division in Europe. Huelder brings nearly 30 years of experience from Mercedes-Benz, where he held various roles, including Head of Data Driven Sales and Retail Development. His primary focus at Rivian will be to lead the company's European commercial and go-to-market strategy. Huelder expressed enthusiasm for joining Rivian, highlighting the company's success in North America and the opportunity to expand in Europe. Rivian aims to create innovative electric vehicles and services that contribute to the transition to carbon-neutral energy.

Rivian Automotive has appointed Mike Johnson as its new Chief Information Security Officer (CISO). Johnson brings over 25 years of cybersecurity experience, previously serving as CISO at Fastly and Lyft. He has a strong background in securing networks, having also held significant roles at Salesforce. Johnson aims to enhance Rivian's cybersecurity measures amidst its growth phase, focusing on vehicle and data security.

Diane Lye, Rivian's CIO, expressed enthusiasm for Johnson's extensive track record in cybersecurity, highlighting his potential contributions to the company's mission of promoting carbon-neutral energy and transportation.

Rivian Automotive (NASDAQ: RIVN) announced its first quarter 2023 production results, producing 9,395 vehicles and delivering 7,946 vehicles from its Normal, Illinois facility. The figures align with the company's expectations, indicating it is on track to meet its annual production guidance of 50,000 vehicles. The company plans to release its Q1 2023 financial results on May 9 and will host a live webcast at 5:00 p.m. ET to discuss performance and outlook.

On April 4, Rivian's CFO Claire McDonough will engage in a fireside chat at the Bank of America Securities 2023 Global Automotive Summit. Scheduled for 1:20 PM ET, she will discuss key industry insights with John Murphy, Managing Director at Bank of America Global Research. A live webcast will be accessible here.

Rivian (NASDAQ: RIVN) focuses on advancing carbon-neutral energy through innovative electric vehicles and services.

Rivian Automotive, Inc. (RIVN) has priced a private offering of $1.3 billion in 4.625% green convertible senior notes due in 2029. The offering is set to settle on March 10, 2023. Rivian has granted purchasers an option for an additional $200 million in notes. Interest on the notes will be paid semi-annually starting September 15, 2023, with an initial conversion rate equating to 49.6771 shares per $1,000 principal, or approximately $20.13 per share, reflecting a 37.5% premium over the last trading price. The net proceeds are expected to amount to around $1.286 billion, aimed at funding green projects in line with sustainability goals.

Rivian Automotive has announced a private offering of $1.3 billion in green convertible senior notes due 2029. The offering is subject to market conditions, with an additional $200 million option for initial purchasers. The notes will be unsecured, accrue semi-annual interest, and can be converted to cash or common stock under specific circumstances. Proceeds will fund eligible green projects aligned with sustainability goals, including clean transportation and renewable energy. This offering will not be registered under the Securities Act, limiting the sale of the notes.

Rivian Automotive (NASDAQ: RIVN) has published its fourth quarter and full year 2022 financial results, accessible on its investor relations website. An audio webcast to discuss these results and provide a business update will occur today, February 28, at 2:00 PM PT / 5:00 PM ET. Rivian aims to create products that assist the transition to carbon-neutral energy, manufacturing electric vehicles and accessories for consumer and commercial markets. The company offers value-added services to enhance customer relationships throughout the vehicle lifecycle.