Leidi.com Rakuten September 19
NIO Group (NIO) (NYSE: NIO; HKEx: 9866; SGX: NIO), a pioneer and leader in the high-end smart electric vehicle market, today announced that it plans to issue a total principal amount of US$500 million in 2029. and convertible senior notes due in 2030 (the 2030 Notes, together with the 2029 Notes, collectively the Notes), subject to market conditions and other factors. Depends.
Weilai intends to grant the initial purchasers in the bond issuance an option exercisable within 30 days from the bond issuance date (including that date) to purchase up to an additional 2029 bonds with an aggregate principal amount of US$75 million and an additional principal amount of up to US$75 million. 2030 bonds totaling US$75 million.
Once issued, the bonds will become NIO’s priority, unsecured obligations. The 2029 Bonds will mature on October 15, 2029, and the 2030 Bonds will mature on October 15, 2030, unless repurchased, redeemed or converted in accordance with their terms before the relevant dates.
As of today's close, NIO's share price was US$10.31, with a market value of US$18.337 billion. Affected by the issuance of US$1 billion in convertible senior bonds, NIO's US stocks fell 6% after the market.
Net loss in the first half of the year exceeded 10 billion
NIO's net loss in the first half of 2023 was 10.7953 billion yuan (US$1.4887 billion), while the six months ended June 30, 2022 produced a net loss of 4.5402 billion yuan.
As of June 30, 2023, NIO recorded a total of 29.6 billion yuan (US$4.1 billion) in cash and cash equivalents, restricted cash (including non-current restricted cash) and short-term investments.
As of June 30, 2023, 66.6% of NIO’s cash and cash equivalents, restricted cash (including non-current restricted cash) and short-term investments were denominated in RMB and held in Mainland China and Hong Kong, while the rest Cash and cash equivalents and restricted cash (including non-current restricted cash) and short-term investments are primarily denominated in U.S. dollars and held in Mainland China, Hong Kong and the United States.
As of June 30, 2023, NIO's total bank credit facilities were 54.6112 billion yuan (USD 7.5312 billion), including non-mortgage bank credit of 18.4419 billion yuan (USD 2.5433 billion) and mortgage bank credit of 36.1693 billion yuan (USD 4.988 billion). Of the total non-mortgage bank credit, 5.3805 billion yuan (US$742.0 million), 1.75 billion yuan (US$241.3 million) and 990 million yuan (US$136.5 million) were used for bank borrowings, issuance of letters of guarantee and bank acceptance bills respectively.
Of the total mortgage bank credit, 1.1749 billion yuan (USD 162.0 million), 4.8474 billion yuan (USD 668.5 million) and 300 million yuan (USD 41.4 million) were used to issue letters of guarantee, bank acceptance bills and letters of credit respectively.
As of June 30, 2023, NIO's total outstanding short-term and long-term borrowings were 12.0589 billion yuan (USD 1.6630 billion) and 6.5446 billion yuan (USD 902.5 million) respectively. Outstanding borrowings mainly include 2024 bonds, 2026 bonds and 2027 bonds, asset-backed bonds and NIO’s short-term and long-term bank debt.
As of June 30, 2023, Weilai's net current liabilities were 161.7 million yuan (US$22.3 million).
The 2024 Bonds are unsecured obligations, and as of June 30, 2023, the principal amount of the 2024 Bonds is approximately US$163.7 million outstanding. If NIO deems the financing to be provided on favorable terms, NIO may choose to honor, repurchase or refinance the 2024 Bonds through public or private equity or debt financing.
In January 2021, NIO issued 0.00% convertible senior bonds due in 2026 (or 2026 bonds) with an aggregate principal amount of US$750 million, and 0.50% convertible senior bonds due in 2027 with an aggregate principal amount of US$750 million. Bonds (or 2027 Bonds). The 2026 Bonds and 2027 Bonds are unsecured obligations.
The 2026 Bonds will bear no interest and the principal amount of the 2026 Bonds will not increase. The 2027 bonds will bear interest at an annual interest rate of 0.50%. The 2026 Bonds will mature on February 1, 2026, and the 2027 Bonds will mature on February 1, 2027, unless repurchased, redeemed or converted in accordance with their terms prior to such date.
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