Lucid lands $1B credit agreement led by Bank of America – Auto Remarketing

Written by Amanda
  1. Lucid lands $1B credit agreement led by Bank of America  Auto Remarketing
  2. Lucid partners with Bank of America to launch Lucid Financial Services  TechCrunch
  3. Lucid Motors launches Lucid Financial Services with Bank of America for lease and loan financing  Electrek.co
  4. Lucid teams with Bank of America for online car buying and financing  Autoblog
  5. Lucid introduces financial services with Bank of America  www.electrive.com
  6. View Full Coverage on Google News

Bank of America evidently enjoys working with the Lucid Group.

On Wednesday, the luxury electric vehicle manufacturer announced entry into a credit agreement with an initial committed amount of up to $1.0 billion with Bank of America serving as the administrative agent and swingline lender on the transaction.

According to a news release, other lenders in the initial bank syndicate for the credit facility include:

—Barclays Bank
—Goldman Sachs Bank USA
—JPMorgan Chase Bank
—BNP Paribas
—Royal Bank of Canada, Capital Markets
—MUFG Bank
—Sumitomo Mitsui Banking
—Wells Fargo Bank

“We are pleased to complete this credit facility with an exceptional syndicate of banks, which illustrates our ability to access alternative forms of financing and provides us with further financial flexibility to scale our business,” Lucid chief finance officer Sherry House said in the news release.

 “We ended the first quarter of 2022 with close to $5.4 billion of cash on hand, which we expect will fund us well into 2023. We remain committed to scaling our business and are executing against our strategic objectives,” House continued.

Certain terms and covenants contained in the new credit facility include:

—Provides revolving credit under the facility with an initial committed amount of up to $1.0 billion, with availability based on the value of certain eligible assets included in the borrowing base from time to time, and includes a $350.0 million sublimit for letters of credit and a $100.0 million sublimit for swingline loans.

—Provides for uncommitted incremental revolving commitments of up to an additional $500.0 million, plus certain other amounts, in each case subject to obtaining the commitments from lenders providing such incremental commitments.

—The credit facility has a stated term of five years, maturing on June 9, 2027.

Previously, Bank of America pledged to be the institution behind Lucid Financial Services to help consumers secure financing for the company’s EVs.

Source: autoremarketing.com

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Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai

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