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Tesla pays back entire DOE loan 9 years early
Posted By -NO AUTHOR- On 05/24/2013 @ 1:26 am In Money | No Comments
(OilPrice) Tesla Motors, the US electric vehicle manufacturer, has paid of its entire Department of Energy loan.
The DoE granted Tesla a loan in 2010 as part of the Advanced Technology Vehicle Manufacturing (ATVM) program; as part of the terms of the loan Tesla had to match the deal with its own capital, and meet certain milestones.
Tesla repaid part of the loan in 2012, and then again at the beginning of 2013, but following a recent share offering of common stock and the sale of senior notes, which helped raise nearly $1 billion, Tesla decided to pay off the remaining $451.8 million with interest.
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