The 5% convertible senior notes are due 2030

Davis Polk advised the representatives of the several initial purchasers in connection with a Rule 144A offering by Lucid Group, Inc. of $1.1 billion aggregate principal amount of its 5.00% convertible senior notes due 2030, which included the full exercise of the initial purchasers’ option to purchase an additional $100 million aggregate principal amount of notes. In addition, Davis Polk advised the counterparties to the capped call transactions and prepaid forward transaction entered into in connection with the offering. Pursuant to the prepaid forward transaction, Ayar Third Investment Company, a wholly owned subsidiary of the Public Investment Fund of Saudi Arabia, will purchase approximately $430 million of Lucid’s Class A common stock, with delivery expected to occur on or about the maturity date for the notes.

Lucid is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world.

The Davis Polk corporate team included partner Emily Roberts and associate Michelle Zhang. The equity derivatives team included partners Mark M. Mendez and Mark J. DiFiore, counsel M. Faisal Baloch and associates Richard Stockton Bullitt, Alexander S. Pettingell and Melissa X. Estrada. The tax team included partner Lucy W. Farr. The intellectual property team included partner Frank Azzopardi. Members of the Davis Polk team are based in the Northern California and New York offices.

 

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