By Editorial Staff Tesla Inc. raised about $1.2 billion on Friday, roughly 20 percent more than it had planned, by selling common shares and convertible debt, ahead of the launch of the crucial Model 3 electric sedan.
The bulk of Friday’s offering, or $850 million, came from convertible senior notes due 2022, with $350 million raised from the sale of 1.3 million common shares at $262 apiece.
That was higher than the $250 million in stock and $750 million in notes the company said it expected to sell.
Tesla had been expected to raise capital since late last year, with the expectations gaining steam last month
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