Tesla 2016 Annual Report Download - page 66
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Please find page 66 of the 2016 Tesla annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Asset-Based Credit Agreement
InJune2015,weenteredintoaseniorsecuredasset-basedrevolvingcreditagreement(the“CreditAgreement”)withasyndicateofbanks,whichwe
amendedasofNovember3,2015.TheCreditAgreementprovidesforaseniorsecuredasset-basedrevolvingcreditfacility(the“CreditFacility”),whichwemay
drawuponasneeded.InOctober,lendersincreasedtheirtotalfundingcommitmentstousundertheCreditFacilitybyuptoanadditional$250.0million,subjectto
certainconditions,fortotalcommitmentsupto$750million.Inaddition,theCreditAgreementprovidesfora$200.0millionletterofcreditsub-facilityanda
$40.0millionswing-lineloansub-facility.TheCreditAgreementiscollateralizedbyapledgeofcertainofouraccountsreceivable,inventory,andequipment,and
availabilityundertheCreditAgreementisbasedonthevalueofsuchassets,asreducedbycertainreserves.InFebruary2016,weamendedtheCreditAgreement
andincreasedtheavailabilityandthecommitmentsundertheCreditAgreementfrom$750.0millionto$1.0billion.
Borrowedfundsbearinterest,atouroption,atanannualrateof(a)1%plusLIBORor(b)thehighestof(i)thefederalfundsrateplus0.50%,(ii)thelenders
“primerate”or(iii)1%plusLIBOR.Thefeeforundrawnamountsis0.25%perannum.Interestispayablequarterly.TheCreditAgreementterminates,andall
outstandingloansbecomedueandpayable,inJune2020.AsofDecember31,2015,wehad$135.0millionborrowingsundertheCreditFacility.
Wearerequiredtomeetvariouscovenants,includingmeetingcertainreportingrequirements,suchasthecompletionandpresentationofaudited
consolidatedfinancialstatementsforourborrowings.AsofDecember31,2015wewereincompliancewithallcovenantscontainedintheCreditAgreement.
Pledged Assets
AsofDecember31,2015and2014,wehavepledgedorrestricted$1.43billionand$29.3millionprincipallyfromfinishedgoodsandrawmaterials
inventory,aswellascertainpropertyandequipment,directleasevehicles,receivablesandcashascollateralforlettersofcreditincludingourAsset-basedcredit
arrangement,realestateleases,andinsurancepolicies.
Interest Expense
ThefollowingtablepresentstheaggregateamountofinterestexpenserecognizedontheWarehouseFacility,CreditAgreement,2018Notes,2019Notes,
and2021Notesrelatingtothecontractualinterestcouponandamortizationofthedebtissuancecostsanddebtdiscount.
2015 2014 2013
Contractualinterestcoupon $ 32,061 $ 26,019 $ 5,938
Amortizationofdebtissuancecosts 8,102 5,288 1,207
Amortizationofdebtdiscount 97,786 79,479 9,143
Total $ 137,949 $ 110,786 $ 16,288
Note 9 - Common Stock
InOctober2012,wecompletedafollow-onofferingofcommonstockinwhichwesoldatotalof7,964,601sharesofourcommonstockandreceivedcash
proceedsof$222.1million(whichincluded35,398sharesor$1.0millionsoldtoourCEO)fromthistransaction,netofunderwritingdiscountsandofferingcosts.
InMay2013,wecompletedapublicofferingofcommonstockandsoldatotalof3,902,862sharesofourcommonstockfortotalcashproceedsof
approximately$355.1million(whichincluded487,857sharesor$45.0millionsoldtoourCEO),netofunderwritingdiscountsandofferingcosts.Wealsosold
596,272sharesofourcommonstocktoourCEOandreceivedtotalcashproceedsof$55.0millioninaprivateplacementatthepublicofferingprice.Concurrent
withtheseequitytransactions,wealsoissued$660.0millionprincipalamountof1.50%convertibleseniornotesinapublicofferingandreceivedtotalcash
proceedsofapproximately$648.0million,netofunderwritingdiscountsandofferingcosts(seeNote8–ConvertibleNotesandLong-TermDebtObligations).
InAugust2015,wecompletedapublicofferingofcommonstockandsoldatotalof3,099,173sharesofourcommonstockfortotalcashproceedsof
approximately$738.3million(whichincludes82,645sharesor$20.0millionsoldtoourCEO,netofunderwritingdiscountsandofferingcosts.
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