$TSLA · Tesla, Inc.
Tesla entered into three new senior unsecured credit facilities totaling $30 billion on September 29, 2026: a $20B delayed-draw term loan (18-month draw window, maturing 2029), an $8B five-year revolving facility (maturing 2031), and a $2B 364-day revolving facility (maturing 2027). The new package replaces Tesla's prior $5B revolving credit agreement from January 2023, which was terminated with no outstanding borrowings or penalties. No loans were drawn at closing, and Tesla stated it does not plan to draw in 2026.
- $20B delayed-draw term loan facility, drawable up to 10 times over 18 months; undrawn commitments step down to $10B at year 1, $5B at month
- $8B five-year revolving facility (maturing 2031) with $500M letter-of-credit sublimit and multi-currency capability (USD, GBP, EUR).
- $2B 364-day revolving facility (maturing Sept 2027) with a term-out option to extend outstanding loans by one additional year.
- Existing $5B revolver from January 2023 was terminated with no borrowings outstanding and no early termination penalties.
- Tesla must maintain at least $5B of consolidated liquidity under the new credit agreements; no plans to draw in 2026.
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A 6x credit-facility expansion to $30B signals Tesla is building dry powder for a capital-intensive initiative — AI, manufacturing, or M&A — without diluting equity.
Tesla's $30B credit package is among the largest in the auto/tech space, dwarfing its prior $5B revolver and signaling balance-sheet capacity for major capital deployment — whether for AI infrastructure, manufacturing expansion, or strategic M&A.
The $5B consolidated liquidity covenant creates a hard floor; a breach would trigger cross-default across all three facilities. Variable-rate exposure via Term SOFR, SONIA, and EURIBOR leaves Tesla sensitive to rate moves on any drawn balances.
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