Lucid Announces $1.0B Revolving Credit Facility
"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," said
Certain terms and covenants contained in the new ABL Credit Facility are summarized below:
- 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 millionsublimit for letters of credit and a $100.0 millionsublimit 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 ABL Credit Facility has a stated term of five years, maturing on
June 9, 2027.
Lucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The company's first car,
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This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expectations and plans regarding the ABL Credit Facility, including the availability of the committed and uncommitted amounts and the financial flexibility the ABL Credit Facility may provide, Lucid's ability to access alternative forms of financing, and the estimate of the length of time Lucid's existing cash will be sufficient to fund planned operations. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid's management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed under the heading "Risk Factors" in Part II, Item 1A of Lucid's Quarterly Report on Form 10-Q for the quarter ended