Tesla Motors Inc. (TSLA) announced offerings of 2,703,027 shares of common stock and $450 million aggregate principal amount of convertible senior notes due 2018 in concurrent underwritten registered public offerings after the bell Wednesday.
The offerings are expected to generate gross proceeds of approximately $830 million, which will be available for prepaying Tesla's outstanding loan from the U.S Department of Energy, pay the cost of convertible note hedge transactions and for general corporate purposes.
Tesla Motors gapped open higher Thursday, but was range-bound throughout the session. Shares finished up by 7.41 at $92.25 on above average volume. The stock closed challenging the highs of the year.
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