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Tesla Motors Set to Pay off DOE Loans Even Faster, Has to Raise the Cash First

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Elon Musk of Tesla Motors Plans on Paying Back DOE Loans Even Faster, Just After He Raises the Cash
Elon Musk of Tesla Motors Plans on Paying Back DOE Loans Even Faster, Just After He Raises the Cash

Tesla Motors has become quite a driving force with stock prices trending upwards, great reviews, and steady sales.

Tesla Motors has also managed, in a market of other failing electric-vehicle ventures, to bring a great vehicle to market and make a profit while at it. Production is now at full speed and Tesla Motors expressed the goal of paying off Department of Energy [DOE] loans in half the time, of just five years. Well ahead of schedule, indeed.

Tesla Motors looks to be shortening the schedule even further with the announcement of a new public stock offering and newly issued convertible senior notes. Tesla Motors plans on selling 2.7 million shares of stock and $450 million worth of notes, in addition to another 405,454 shares and $67.5 million in notes. Elon Musk plans to personally buy another $100 million in stock from the company.

Aside from the usual investment into expansion, Tesla Motors plans to take funding from the notes, better than $500 million possibly, to pay back DOE loans in record time.

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