Rivian Maintains Overweight Rating After $1.25B Green Debt Refinance Announcement

Rivian Automotive Inc. (NASDAQ:RIVN) is one of the best consumer cyclical stocks to buy. On June 16, Cantor Fitzgerald maintained its Overweight rating and $15 price target on Rivian Automotive Inc. (NASDAQ:RIVN). This follows the company’s recent debt refinance announcement.

Rivian Maintains Overweight Rating After $1.25B Green Debt Refinance Announcement

Rivian Automotive Inc. (NASDAQ:RIVN) stated on June 2 that it would raise $1.25 billion through a private offering of green notes that are due in 2031. The notes would be secured by its New Horizon assets and guaranteed by company assets when the Department of Energy funding is obtained. The company plans to use the proceeds of this capital transaction in addition to its current cash reserves to fully repay its current $1.25 billion floating-rate notes that mature on October 15, 2026.

Separately, Rivian Automotive Inc. (NASDAQ:RIVN) has considered selling high-yield bonds under the direction of JPMorgan in order to generate up to $2 billion for the refinance of its debt maturing in 2026.

Rivian Automotive Inc. (NASDAQ:RIVN) is an automotive company that specializes in the design, development, production, and distribution of electric vehicles and associated accessories.

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