NIO Inc. (NYSE:NIO) shares are trading lower in the after-hours session Monday after the company announced a proposed offering of $1 billion convertible senior notes.
What To Know: The proposed offering entails $500 million in aggregate principal amount of convertible senior notes due 2029 and $500 million in aggregate principal amount of convertible senior notes due 2030.
NIO plans to use a portion of the net proceeds from the offering to repurchase a portion of the existing debt securities. The rest will mainly be used to build its balance sheet position and for general corporate purposes.
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NIO Price Action: Shares of NIO were down 5.09% at $9.79 in the after-hours session at the time of publication, according to Benzinga Pro.
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