Electric car maker Tesla Motors Inc said on Friday that along with its subsidiary, Tesla Motors Netherlands B.V., it had entered into a $500 million senior secured asset-based revolving credit agreement.
The agreement was signed with a group of banks, including Deutsche Bank, Bank of America, the company said.
The company may increase the total commitments under the facility by up to $250 million, Tesla said.
The agreement also provides for a $100 million letter of credit sub-facility and a $40 million swingline loan sub-facility, Tesla said.
The loans may be used for working capital and general corporate purposes, the company said.
Tesla said in May that it planned a total of $1.5 billion in capital spending this year, primarily on buying production tools for the Model X, completing its large battery “gigafactory” in Nevada, and for other facilities.
In May, the company unveiled Tesla Energy – storage systems or batteries for homes, companies and utilities aimed at expanding its business beyond electric vehicles.
Shares of the Silicon Valley-based electric car maker closed down about 0.3 percent at $250.69 on the Nasdaq. The stock rose marginally in after-market trading on Friday.
