03:57 AM EDT, 04/03/2025 (MT Newswires) -- Lucid Group ( LCID ) said Thursday it priced a private offering to eligible purchasers of $1 billion of 5% convertible senior notes due 2030.

The initial purchasers have been granted a 13-day option to purchase up to $100 million additional amount of notes.

The notes will be convertible at an initial price of $3 per common share, subject to adjustment.

Net proceeds will be used to fund the repurchase of $1.05 billion principal amount of 1.25% convertible senior notes due 2026 and for certain capped call transactions.

Settlement of the offering is expected to occur on or about April 8, subject to customary closing conditions.