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Rivian draws $1B term loan from Volkswagen
Seeking Alpha ·
Seeking Alpha reports: Rivian Automotive received the full $1 billion commitment from Volkswagen Group , with proceeds distributed to the electric-vehicle maker for general corporate purposes, according to a regulatory filing by the company on Wednesday. The facility, which was committed under the companies’ existing joint venture agreement, carries a fixed interest rate of 6.03% and is non-recourse to Rivian . The loan is secured by Rivian’s 50% equity interest in the joint venture. The…