Nio gives repurchase right notification for 0% convertibles due 2026

By William Gullotti

Buffalo, N.Y., Jan. 3 – Nio Inc. notified holders of its 0% convertible notes due 2026 (Cusip: 62914VAE6) of their upcoming scheduled repurchase right, according to a press release on Wednesday.

Under the indenture for the 2021-issued series, noteholders are entitled to exercise put rights on Feb. 1 at par plus any accrued and unpaid additional interest up to, but excluding, the exercise date.

The timeframe for noteholders to exercise put rights opened at 9 a.m. ET on Jan. 3 and expires at 5 p.m. ET on Jan. 31.

As of Tuesday, $301,448,000 of the convertibles were outstanding.

Deutsche Bank Trust Co. Americas is the trustee and paying agent.

Nio sold $750 million of the convertibles, with greenshoe fully exercised, as part of a two-part offering in January 2021.

Nio is a Shanghai-based electric car manufacturer.

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