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Tesla Upsizes Junk Bond Offering After Excess Demand

There’s covenant-lite and then there’s “zero covenant” junk debt, and moments ago Tesla just sold $1.8 billion of the former, upsizing what was previously expected to be a $1.5 billion issue. The deeply junk “B3/B-” rated bond was priced at par to yield 5.25%, with Goldman – who famously slashed its Tesla price target to $180 a month ago – as lead left.  It was unclear how many times the offering was oversubscribed but one guess offered was “many.”

The details from Bloomberg: …

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