NIO completed its US$1.5 billion convertible senior notes offering

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Notes offering, 票据发行

NYSE-listed NIO, a pioneer in China’s premium smart electric vehicle market, completed its US$1.5 billion convertible senior notes offering. Issued in two tranches, this is the largest convertible bonds offering by a Chinese auto company to date. NIO plans to use the proceeds from the offering mainly for general corporate purposes, and to further strengthen its cash and balance sheet positions. Skadden was legal adviser to the issuer, while Latham & Watkins represented the joint bookrunning managers.