Tesla Repays Department of Energy Loan
Scratch one creditor off the list for Tesla Motors . The company announced it has fully paid off a loan provided to it by the Department of Energy. Today, the firm wired its final payment of $451.8 million to the Department, retiring the remainder of the outstanding debt. Both the company and the DOE pointed out that the repayment comes nine years ahead of the loan's maturity date.
The funds used for the payment came from a portion of the monies raised from the common stock and convertible senior note flotations the company made last week. Combined, these issues brought in roughly $1 billion.
The DOE loan was made in 2010 and totaled $465 million.
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