Tesla Motors amends ABL credit agreement ahead of SolarCity merger

By Marisa Wong

Morgantown, W.Va., Aug. 1 – Tesla Motors, Inc. entered into a fourth amendment on Sunday to its ABL credit agreement dated June 10, 2015 with Deutsche Bank AG, New York Branch as administrative agent and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment is in connection with Tesla’s planned acquisition of SolarCity Corp.

The amendment provides that, concurrent with Tesla’s acquisition of SolarCity, neither SolarCity nor any of its subsidiaries will be considered a subsidiary of Tesla under the credit agreement and will not be subject to the restrictions, terms or requirements applicable to subsidiaries contained in the credit agreement.

The amendment includes some other changes related to the proposed acquisition, the filing noted.

Based in Palo Alto, Calif., Tesla makes and sells electric vehicles and electric vehicle powertrain components. San Mateo, Calif.-based SolarCity provides clean energy and financial products based on clean energy.

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