Tesla settles in cash $920 million convertible bond obligation

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Tesla settles in cash $920 million convertible bond obligation
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Tesla Inc has paid off a $920 million convertible bond obligation in cash, a com...

FILE PHOTO: A Tesla logo is seen at a groundbreaking ceremony of Tesla Shanghai Gigafactory in Shanghai, China January 7, 2019. REUTERS/Aly Song/File Photo

The bond, which matured on Friday, had a $359.87 conversion price, but the electric carmaker’s shares closed down 8 percent at $294.79, forcing the company to settle its largest ever debt payment in cash. Friday’s payout will make a significant dent in the $3.7 billion in cash Tesla had on hand at the end of 2018.

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