NEWARK,
Calif., June 15, 2022 /PRNewswire/ -- Lucid
Group, Inc. (NASDAQ: LCID) ("Lucid"), setting new standards with
the longest-range, fastest-charging electric car on the market,
today announced entry into a Credit Agreement (the "Credit
Agreement") on June 9, 2022. Bank of
America, N.A. is the administrative agent and swingline lender on
the transaction. Other lenders in the initial bank syndicate
include Citigroup; Barclays Bank PLC; Goldman Sachs Bank
USA; JPMorgan Chase Bank N.A.; BNP
Paribas; Royal Bank of Canada,
Capital Markets; HSBC Bank USA,
N.A.; MUFG Bank, Ltd.; Sumitomo Mitsui Banking Corporation; and
Wells Fargo Bank, N.A. This world-class syndicate of banks is
providing a secured asset-based revolving credit facility with an
initial committed amount of up to $1.0
billion (the "ABL Credit Facility").
"We are pleased to complete this credit facility with an
exceptional syndicate of banks, which illustrates our ability to
access alternative forms of financing and provides us with further
financial flexibility to scale our business," said Sherry House, Lucid's CFO. "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. We remain committed to scaling our business and are
executing against our strategic objectives."
Certain terms and covenants contained in the new ABL Credit
Facility are summarized below:
- Provides revolving credit under the facility with an initial
committed amount of up to $1.0
billion, with availability based on the value of certain
eligible assets included in the borrowing base from time to time,
and includes a $350.0 million
sublimit for letters of credit and a $100.0
million sublimit for swingline loans.
- Provides for uncommitted incremental revolving commitments of
up to an additional $500.0 million,
plus certain other amounts, in each case subject to obtaining the
commitments from lenders providing such incremental
commitments.
- The ABL Credit Facility has a stated term of five years,
maturing on June 9, 2027.
About Lucid Group
Lucid's mission is to inspire the adoption of sustainable energy
by creating advanced technologies and the most
captivating luxury electric vehicles centered around the human
experience. The company's first car, Lucid Air is a
state-of-the-art luxury sedan with a California-inspired design that features
luxurious full-size interior space in a mid-size exterior
footprint. Underpinned by race-proven battery technology and
proprietary powertrains developed entirely in-house, Lucid Air was
named the 2022 MotorTrend Car of the Year®. The Lucid Air Grand
Touring features an official EPA estimated 516 miles of range or
1,050 horsepower. Customer deliveries of Lucid Air, which is
produced at Lucid's new factory in Casa
Grande, Arizona, are underway.
Media Contact
media@lucidmotors.com
Investor Relations Contact
investor@lucidmotors.com
Trademarks
This communication contains trademarks, service marks, trade
names and copyrights of Lucid Group, Inc. and its subsidiaries and
other companies, which are the property of their respective
owners.
Forward-Looking
Statements
This communication includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target," "continue,"
"could," "may," "might," "possible," "potential," "predict" or
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding expectations and plans regarding the ABL
Credit Facility, including the availability of the committed and
uncommitted amounts and the financial flexibility the ABL Credit
Facility may provide, Lucid's ability to access alternative forms
of financing, and the estimate of the length of time Lucid's
existing cash will be sufficient to fund planned operations. These
statements are based on various assumptions, whether or not
identified in this communication, and on the current expectations
of Lucid's management. These forward-looking statements are not
intended to serve as, and must not be relied on by any investor as,
a guarantee, an assurance, or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and may differ from these forward-looking
statements. Many actual events and circumstances are beyond the
control of Lucid. These forward-looking statements are subject to a
number of risks and uncertainties, including those factors
discussed under the heading "Risk Factors" in Part II, Item 1A of
Lucid's Quarterly Report on Form 10-Q for the quarter ended
March 31, 2022, as well as other
documents Lucid has filed or will file with the Securities and
Exchange Commission. If any of these risks materialize or Lucid's
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that Lucid presently does not know or that
Lucid currently believes are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Lucid's expectations, plans or forecasts of future events
and views as of the date of this communication. Lucid anticipates
that subsequent events and developments will cause Lucid's
assessments to change. However, while Lucid may elect to update
these forward-looking statements at some point in the future, Lucid
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Lucid's assessments as of any date subsequent to the
date of this communication. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
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SOURCE Lucid Motors