NIO Inc. (NYSE:NIO) on Thursday announced that holders of its 0.50% Convertible Senior Notes due 2027 have the right to require the company to repurchase their Notes, or any portion thereof, on February 1, 2025.
As of December 25, there was $378.525 million in aggregate principal amount of the Notes outstanding. If all Notes are repurchased, the total cash payment would amount to $378.525 million.
The Repurchase Right is available from 9:00 a.m. on December 30, 2024, until 5:00 p.m. on January 30, 2025.
The repurchase price will be equal to 100% of the principal amount of the Notes to be repurchased, plus any accrued and unpaid interest up to, but excluding, the Repurchase Date.
As February 1, 2025, falls on a Saturday, the repurchase will occur on the next business day, February 3, 2025
The company will file a Tender Offer Statement with the SEC, and the terms and conditions for exercising the Repurchase Right will be made available through the Depository Trust Company and the paying agent, The Deutsche Bank Trust Company Americas.
According to Benzinga Pro, NIO stock has lost over 51% in the past year. Investors can gain exposure to the stock via KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS).
Price Action: NIO shares are trading higher by 0.22% premarket at $4.64 last check Thursday.
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