Tesla Inc should find no shortage of demand for the $1.35 billion convertible bo...
NEW YORK - Tesla Inc should find no shortage of demand for the $1.35 billion convertible bond the electric carmaker is selling even though the terms it is offering look inferior on paper to a similar deal two years ago, bond investors said Thursday.
Investors, however, said the new deal in fact looks appealing when compared with Tesla’s existing convertibles, which now feature even leaner yields and, because the stock has been so wobbly, an even lower chance at striking a rich equity conversion before those bonds mature in the next three years. The new convertible bond is seen carrying a coupon of between 1.5% and 2.0% with a conversion premium of between 27.5% and 32.5% over the reference price for Tesla shares at the time of the sale, according to a trader who saw preliminary marketing materials for the deal on Thursday.
“The terms of the convertible look reasonable, and I don’t think they’ll have any issue selling,” said Dancey, who may buy some of the new bonds. He does not have an existing position.
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