08:53 AM EDT, 06/02/2025 (MT Newswires) -- Rivian Automotive ( RIVN ) said Monday that it plans to raise $1.25 billion through a private offering of senior secured green notes to refinance debt maturing in 2026.

The automaker said the offering is subject to market conditions and will be backed by Rivian and its affiliates.

Proceeds, along with existing cash, will be used to fully redeem the $1.25 billion in outstanding floating-rate senior secured notes due in 2026 and to cover related costs, Rivian said.

The new notes, due in 2031, are expected to be secured by most of the co-issuers' and guarantors' assets, excluding those already pledged under Rivian's revolving credit facility, the company said. If a loan facility with the Department of Energy is funded, additional collateral from Rivian New Horizon will be included, Rivian said.

Shares of the company were down more than 1% in recent premarket activity.