U.S.-listed shares of Nio Inc. were falling more than 5% in after-hours action Monday after the Chinese electric-vehicle company announced a convertible-bond offering.
The company is proposing a $1 billion offering, with half the bonds due in 2029 and the other half due in 2030. Nio NIO intends to use part of the proceeds from the offering to repurchase a portion of existing debt securities, “and the remainder mainly to further strengthen its balance-sheet position as well as for general corporate purposes.”
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