Rivian announced the funding of a committed $1.0 billion, 10-year term loan facility from Volkswagen Group, related to the parties' existing joint venture. The proceeds will be distributed to Rivian for general corporate purposes, strengthening its financial position.
Key Details
- Loan Amount: $1.0 billion.
- Lender: Volkswagen Group.
- Interest Rate: 6.03% fixed per annum.
- Term & Maturity: 10-year term, maturing on October 7, 2036.
- Repayment: Principal repayments of $100 million per year begin on the third anniversary of the funding date (October 7, 2029).
- Recourse & Security: The loan is non-recourse to Rivian Automotive, Inc. and is secured by Rivian's 50% equity interest in the joint venture.