- EV maker will start construction on factory next year
- Bonds will be issued through joint county agency near Atlanta
Electric-car maker Rivian Automotive Inc. plans to borrow as much as $15 billion of taxable bonds to help finance a manufacturing plant in Georgia.
The bonds will be issued through the Joint Development Authority of Jasper, Morgan, Newton & Walton Counties, a municipal agency, according to an Nov. 9 agreement, disclosed in a securities filing. The bonds will be backed by rental payments made by Rivian as part of an incentive package to woo the carmaker.
Rivian will purchase the bonds as they are issued, according to the filing. A representative for Rivian didn’t immediately respond to a request for comment.
Bloomberg Markets
By Martin Z Braun and Edward Ludlow
November 13, 2023