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Benzinga
Benzinga
Business
Shivani Kumaresan

Lucid Group Secures $1B Revolving Credit Facility

Lucid LCID Lucid Group, Inc. Nasdaq
  • Lucid Group Inc (NASDAQ:LCID) has entered into a credit agreement with a syndicate of banks to provide a secured asset-based revolving credit facility with an initial committed amount of up to $1.0 billion.
  • The facility also provides for uncommitted incremental revolving commitments of up to an additional $500 million.
  • The ABL Credit Facility has a stated term of five years, maturing on June 9, 2027.
  • Sherry House, Lucid's CFO said, "We ended the first quarter of 2022 with close to $5.4 billion of cash on hand, which we expect will fund us well into 2023." 
  • Price Action: LCID shares are trading higher by 0.06% at $16.61 on the last check Wednesday.
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