Tesla is looking to raise $1 billion in stock and debt

Tesla is looking to raise $1 billion in stock and debt

Tesla lost about $666 million dollars on revenue of about $7 billion in 2016. "In many ways, I'm very supportive of what Tesla has done", Ian Robertson, BMW's head of sales and marketing, told us at the Geneva auto show.

Tesla will have spent about $10 billion in R&D and capital expenditures since 2014, according to Morgan Stanley.

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Tesla shares jumped around $5 this morning to over $261 per share.

Elon Musk, CEO of Tesla Motors Inc., talks about the Model X vehicle at the company's headquarters. But this is Mr Musk, whose clean-energy company has captured imaginations on and off Wall Street even as the California-based company has struggled to be profitable. The equity raise this time around is three times smaller than the debt issuance.

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In a release yesterday, the electric-vehicle and battery manufacturer announced "offerings of $250 million of common stock and $750 million aggregate principal amount of convertible senior notes due in 2022 in concurrent underwritten registered public offerings". That would put the sedan in closest competition with the Tesla Model S 75, which has a range of 249 miles and starts at roughly $70,300 after federal tax credits. "This likelihood of a substantial cushion, which given our price target, we have to admit would be at a non-dilutive price, is likely to support the stock for the short term... and indeed, Tesla stock has frequently outperformed post offerings".

"With the capital raise, TSLA's cash position will grow to $4.6bn", he continued. In connection with establishing their initial hedge of the convertible note hedge and warrant transactions, the hedge counterparties or their affiliates expect to enter into various derivative transactions with respect to Tesla's common stock concurrently with or shortly after the pricing of the notes, including with certain investors in the notes. UBS writes, "Cash burn was bad and is getting worse". The question is whether it will need still more. Maybe they don't. But they're going to learn in a hurry that although Tesla is sometimes thought of as a high-tech hero of Silicon Valley, when it comes to rolling cars off an assembly line, it's just like any other automaker.

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