How Elon Musk might make $920 million in Tesla debt go away [Los Angeles Times (CA)]
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Source: Los Angeles Times
How Elon Musk might make $920 million in Tesla debt go away A big pile of debt comes due at Tesla on March 1 – $920 million worth. But starting in two weeks, the company has a chance to make it disappear. The debt is in the form of convertible bonds, a special kind of instrument that can be converted into shares of Tesla stock under certain conditions. If conditions are met, and all bondholders convert, Tesla would suddenly gain $920 million worth of much-needed financial flexibility. To spark a conversion, Tesla needs to boost its stock price to $359.87 or higher at some point in the three-month period between Dec. 1 and Feb. 28. The higher the price goes, the more likely holders will convert. A successful conversion would go a long way toward helping Tesla meet Chief Executive Elon Musk’s bold financial goals. He’s told stock analysts to expect positive net income and positive free cash flow in the upcoming quarter ending in December, with “aspirations” for profits in “all quarters
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