by Kyle Woodley | May 22, 2013 6:30 pm
Things keep on comin’ up Tesla (TSLA).
The electric-car manufacturer announced Wednesday evening that it had become the first U.S. based automaker to pay back a Department of Energy loan. Its final transfer of $451.8 million, covering the remainder of its $465 million loan as well as interest, paid off the debt well ahead of the final scheduled installment in 2022.
Tesla Motors was able to repay the loan thanks to $1 billion raised from a secondary stock offering of 2.7 million shares. Founder and CEO Elon Musk announced at the time that he would buy $45 million in shares from the public offering, as well as an additional $55 million worth in a private placement.
TSLA stock was flat in after-hours trading, though shares have improved by nearly 160% since the start of 2013 thanks to the success of its Model S and the May announcement of the company’s first-ever quarterly profit.
The Department of Energy currently has 32 other projects with outstanding loans.
Source URL: http://investorplace.com/2013/05/tesla-motors-pays-off-465m-govt-loan-early/
Short URL: http://invstplc.com/1nrUPEK
Copyright ©2015 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.