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Tesla plans $800 million debt sale backed by prime leases, Bloomberg News reports

Published 10/03/2024, 02:24 PM
Updated 10/03/2024, 02:36 PM
© Reuters. FILE PHOTO: A Tesla car being charged at a Tesla electric vehicle charging station in a car park of the A10 shopping center in Wildau near Berlin, Germany, March 20, 2024. REUTERS/Annegret Hilse/File Photo

(Reuters) -Tesla is preparing to sell $783 million in debt, backed by automotive leases from its prime borrowers amid a surge in similar asset-backed securities within the industry, Bloomberg News reported on Thursday.

The deal, run by Societe Generale (OTC:SCGLY), is expected to be priced next week, Bloomberg News reported, citing a person familiar with the matter.

© Reuters. FILE PHOTO: A Tesla car being charged at a Tesla electric vehicle charging station in a car park of the A10 shopping center in Wildau near Berlin, Germany, March 20, 2024. REUTERS/Annegret Hilse/File Photo

The electric vehicle maker did not immediately respond to a Reuters request for comment.

Tesla (NASDAQ:TSLA), like other major US automakers, is tapping into the asset-backed securities market to raise capital.

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