04:53 PM EST, 11/11/2025 (MT Newswires) -- Lucid Group ( LCID ) said late Tuesday it plans to offer $875 million of convertible senior notes due 2031 in a private offering to institutional buyers.

The company also expects to grant the initial purchasers a 13-day option to buy up to an additional $100 million of the notes.

Lucid intends to use the net proceeds to repurchase a portion of its outstanding 1.25% convertible senior notes due 2026 and for general corporate purposes.

Ayar Third Investment, a unit of the Public Investment Fund of Saudi Arabia, is expected to enter into a prepaid forward transaction in connection with the pricing of the notes, which the company said reflects continued support for Lucid.