Electric vehicle maker  Rivian Automotive Inc. (Nasdaq: RIVN) said today it intends to offer $1.25 billion aggregate principal amount of senior secured green notes due 2031 in a private offering.
Rivian expects to use the net proceeds from the offering of the notes, together with cash on hand, to redeem in full the $1.25 billion aggregate principal amount of the co-issuers’ outstanding floating rate senior secured notes due 2026 and pay related fees and expenses.
Shares in Irvine-based Rivian fell 4.6% to $13.86 apiece for a market cap of  $16 billion after the announcement.
