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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
JPMorgan Chase Agents Rivian Automotive's Upsized $1.5B Asset-Based Revolving Credit Facility
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Lenders/Participants
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JPMorgan Chase Bank [Administrative Agent]
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Structure
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Revolving Credit Facility
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Amount
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$1.500
Billion
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Borrower(s)
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Rivian Automotive
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Description
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Among other things, the A&R Credit Agreement amended the existing Credit Agreement to: Double the (currently undrawn) revolving commitments to $1.5 billion
Increase the letter of credit sublimit from $500 million to $1.0 billion; Extend the maturity date from May 20, 2025 to a date that is the earlier of April 19, 2028 and a date that is 91 days prior to the stated maturity of certain series of debt for borrowed money (subject to certain exclusions) with an aggregate principal amount equal to or exceeding $200 million then outstanding; Amend the borrowing base to expand eligibility (subject to reserves and other exclusions) of certain assets - for example, in-transit batteries; Change the interest rate benchmark; Amend certain other covenants and baskets to broaden future indebtedness as part of Rivian's capital roadmap. The A&R Credit Agreement also permits Rivian Holdings, subject to the terms and conditions thereof, to obtain additional revolving commitments, so long as the total amount of all revolving commitments under the A&R Credit Agreement does not exceed $2.0 billion after giving effect to such additional revolving commitments.
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Industry
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Automotive
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Location
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CA
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| Related Tags |
JPMorgan Chase Bank
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ABL Advisor
Deal Tables
2025
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