Rivian Automotive Inc. (Nasdaq: RIVN) said today that the Irvine EV maker’s subsidiary amended the credit agreement it secured two years ago.
The amended agreement doubles the company’s revolving commitments to $1.5 billion, increases the credit sublimit from $500 million to $1 billion and extends its maturity date by three years to 2028, officials said.
“The amendments to our asset-based revolving credit facility reinforce Rivian’s strong balance sheet position and reflect an important step in our portfolio based capital roadmap,” Rivian CFO Claire McDonough said in a statement.
Shares in the company were off 0.8% in after-hours trading at $12.72 apiece.
