Published: Sun, March 19, 2017
Science | By Kerry Wheeler

Tesla ending production of Model S 60 kWh


The Street is also equally polarized Tesla despite the secondary, with one analyst calling the raise "not enough" and reiterating his "Sell" rating and $160 per share price target while another said it removes the major liquidity concerns/needs overhang and reiterating his "Buy" rating and $368 per share price target.

Tesla said it would offer $250 million of common stock and $750 million of convertible senior notes due in 2022 in concurrent underwritten registered public offerings. Underwriters still have options to purchase another 200,000 shares on top of that if investor demand is there.

Tesla will cease taking orders for its cheapest car-the Model S 60 and 60D-starting next month in April, according to Elecktrek.

Goldman, Sachs & Co., Deutsche Bank Securities, Citigroup and Morgan Stanley are acting as lead joint book-running managers for the offering, with Barclays, BofA Merrill Lynch and Credit Suisse acting as additional book-running managers.

Tesla is offering to sell 1,335,878 common shares at $262 per share, for a total of $350 million, the electric vehicle maker said in a SEC filing on Friday.

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The capital comes at a critical time for Tesla, which has a number of capital intensive projects underway-notably the pre-production of the Model 3.

If true, that suggests the Model 3 production line is now complete and ready to start producing cars.

In other words, Tesla is spending about 15% of the net proceeds from these notes on the related hedges, so it will only collect about $708.5 million.

The fact is a company like Tesla is moving so fast it wants to give itself "as much space to maneuver as possible". Indeed, if the demand late past year for the Palo Alto, California-based company's Model 3 is anything to go by, it would seem the 373,000 reservations and over 100 million dollars in cash raised from customers is a sure ticket to success as an automotive powerhouse.

Elon Musk, CEO and CTO of SpaceX, CEO and product architect of Tesla Motors, and chairman of SolarCity, attends the Allen & Company Sun Valley Conference on July 7, 2015 in Sun Valley, Idaho.

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