Climate Changed
Tesla Prepays Solar Bonds, But Not to Musk or Rives
- Musk, Rive brothers were major holders of SolarCity bonds
- Company terminated three series of solar bonds early
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Tesla Inc. paid off some solar bonds early, except to three key investors -- its chairman and the co-founders of SolarCity, according to a person familiar with the matter.
While Tesla repaid $19.7 million, plus $1.2 million in full interest, from three series of bonds to almost 1,500 other investors, Elon Musk, Lyndon Rive and Peter Rive saw their approximately $100 million of bonds converted to private SolarCity debt, according to the person, who wasn’t authorized to speak publicly.