Nio holders exercise put rights for $300.54 million of convertibles

By Mary-Katherine Stinson

Lexington, Ky., Feb. 1 – Nio Inc.’s noteholders tendered $300,536,000 of their 0% convertibles due 2026 (Cusip: 62914VAE6), choosing to exercise their repurchase rights, according to a notice.

As previously reported, under the indenture for the 2021-issued series, noteholders were entitled to exercise put rights on Feb. 1 at par plus any accrued and unpaid additional interest up to, but excluding, the exercise date.

The timeframe for noteholders to exercise put rights opened at 9 a.m. ET on Jan. 3 and expired at 5 p.m. ET on Jan. 31.

When the offer launched, $301,448,000 of the convertibles were outstanding. After the redemption, $912,000 of the notes will remain outstanding and continue to be subject to the notes’ existing terms.

Deutsche Bank Trust Co. Americas is the trustee and paying agent.

Nio sold $750 million of the convertibles, with greenshoe fully exercised, as part of a two-part offering in January 2021.

Nio is a Shanghai-based electric car manufacturer.

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