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NIO privates negotiates with convertible holders for buybacks
Chicago, Sept. 19 – NIO Inc. announced that in connection with its new offering for $1 billion of new convertible notes that it was working with existing noteholders on privately negotiated transactions to repurchase their existing notes, according to a press release.
NIO expects that it will be buying approximately $256 million principal amount of its 0% convertible senior notes due 2026 and around $244 million principal amount of its 0.5% convertible senior notes due 2027.
The cash purchase price is being individually negotiated with the holders of the existing notes.
The company expects to close both the new offering the repurchase transactions on or about Sept. 22.
NIO is a Shanghai-based electric car manufacturer.
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