Arrival receives $20 million in debt-to-equity transaction

By William Gullotti

Buffalo, N.Y., June 6 – Arrival SA agreed to amend the debt-to-equity transaction agreement with Antara Capital Master Fund LP regarding its 3.5% green convertible notes due 2026, according to a 6-K filing with the Securities and Exchange Commission.

The cash exchange will result in Arrival receiving $20 million principal amount for 3,024,194 ordinary shares.

In connection with the exchange, Antara has agreed that it will not sell or otherwise dispose of the ordinary shares that it receives in the exchange in an amount greater than 10% of the traded volume of the Arrival’s ordinary shares on any given trading day.

The green convertibles were issued in November 2021, with a fully exercised greenshoe, for a total of $320 million. Per the initial offering, the notes are non-callable until 2024 and then subject to a 130% hurdle.

After the exchange, the remaining principal amount of the green convertible notes outstanding will be approximately $300 million.

Arrival is a Luxembourg-based electric vehicle manufacturer.

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