Updated at 1:35PM PST: Tesla says in a press release that it has paid off the entire remaining loan from the DOE of $451.8 million on Wednesday afternoon.
Tesla’s (s TSLA) CEO Elon Musk said a couple months ago that Tesla planned to pay off the rest of Department of Energy loan in five years, instead of the allotted ten. Now, according to a tweet from Musk, Tesla could pay off the entire loan today, nine years early. Musk tweeted:
Given govt loan repayment this week (prob Wed), Supercharger update will be next week. Work continuing independent of announcement.
In order to pay off the loan, Tesla is holding an equity and debt offering, and could raise a billion dollars (boosted from the initial $830 million) from selling shares and convertible senior notes. Musk says he’ll buy $100 million worth of common stock in the offering.
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