UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01. | Entry Into or Amendment of a Material Definitive Agreement. |
On June 12, 2025, Rivian Holdings, LLC, a Delaware limited liability company (“Holdings”), Rivian, LLC, a Delaware limited liability company (“Rivian LLC”) and Rivian Automotive, LLC, a Delaware limited liability company (“Rivian Automotive” and, together with Holdings and Rivian LLC, the “Co-Issuers” and each a wholly-owned subsidiary of Rivian Automotive, Inc. (“Rivian”)) issued $1,250,000,000 principal amount of 10.000% Senior Secured Green Notes due 2031 (the “Notes”). The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of June 12, 2025, between the Co-Issuers, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and as collateral agent. The Co-Issuers used the net proceeds from the offering of the notes, together with cash on hand, to redeem in full the $1,250,000,000 aggregate principal amount of the Co-Issuers’ outstanding floating rate senior secured notes due 2026 (the “2026 Notes”) and pay related fees and expenses.
The Notes are guaranteed by each of Holdings’ subsidiaries that also guarantee the Co-Issuers’ senior secured asset-based revolving credit facility (the “ABL Facility”). The Notes and the guarantees are secured (a) on a first-priority basis by substantially all assets of the Co-Issuers and the guarantors, other than ABL Priority Collateral (as defined below), (b) if and when the previously announced loan facility with the Department of Energy (the “DOE Loan”) is funded, on a first-priority basis by substantially all assets of Rivian New Horizon, LLC, and (c) on a second-priority basis by the inventory, receivables, certain deposit accounts and certain related assets (which exclude intellectual property) which secure the ABL Facility on a first-priority basis (the “ABL Priority Collateral”), in each case subject to certain excluded assets and permitted liens.
The Notes will accrue interest at a rate of 10.000% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026. The Notes will mature on January 15, 2031, unless earlier repurchased or redeemed. The Co-Issuers may redeem all or part of the Notes at any time at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, and plus, if redeemed prior to January 15, 2030, an applicable premium. In addition, at any time prior to January 15, 2028, the Co-Issuers may redeem up to 40% of the aggregate principal amount of the Notes (including any additional notes) at a redemption price equal to 110.000% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, with the net cash proceeds from certain equity offerings. If the Co-Issuers experience a change of control, the holders of the Notes will have the right to require the Co-Issuers to offer to repurchase the Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of such repurchase.
The terms of the Indenture, among other things, limit the ability of the Co-Issuers and their restricted subsidiaries to (i) incur additional indebtedness or guarantee indebtedness; (ii) create liens or use assets as security in other transactions; (iii) declare or pay dividends, redeem stock or make other distributions to stockholders; (iv) make investments; (v) merge, amalgamate or consolidate, or sell, transfer, lease or dispose of substantially all of the Co-Issuers’ assets; (vi) enter into transactions with affiliates; (vii) sell or transfer certain assets; and (viii) agree to certain restrictions on the ability of the Co-Issuers’ restricted subsidiaries to make payments to the Co-Issuers and their restricted subsidiaries. These covenants are subject to a number of important conditions, qualifications, exceptions and limitations that are described in the Indenture. The Indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include payment defaults, a failure to pay certain judgments and certain events of bankruptcy and insolvency. These events of default are subject to a number of important qualifications, limitations and exceptions that are described in the Indenture.
The above description of the Indenture and the Notes is a summary and is not complete. A copy of the Indenture and the form of the certificate representing the Notes are filed as exhibits 4.1 and 4.2, respectively, to this Current Report on Form 8-K, and the above summary is qualified by reference to the terms of the Indenture and the Notes set forth in such exhibits.
| Item 1.02. | Creation of a Direct Financial Obligation or an Off-Balance Sheet Arrangement. |
On June 12, 2025, the Co-Issuers redeemed in full all outstanding 2026 Notes, satisfied and discharged the indenture governing the 2026 Notes and released the liens on the collateral securing the 2026 Notes. See the Annual Report on Form 10-K of Rivian for the fiscal year ended December 31, 2024, as supplemented by the Quarterly Report on Form 10-Q of Rivian for the quarter ended March 31, 2025 for more information regarding the 2026 Notes.
| Item 2.03. | Creation of a Direct Financial Obligation or an Off-Balance Sheet Arrangement. |
The disclosure set forth in Item 1.01 above is incorporated by reference into this Item 2.03.
| Item 8.01. | Other Events. |
On June 4, 2025, Rivian issued a press release announcing the pricing of the Notes. The full text of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit |
Description | |
| 4.1 | Indenture, dated as of June 12, 2025, between , Rivian Holdings, LLC, Rivian, LLC, and Rivian Automotive, LLC and U.S. Bank Trust Company, National Association, as trustee and collateral agent. | |
| 4.2 | Form of certificate representing the 10.000% Senior Secured Green Notes due 2031 (included as Exhibit A to Exhibit 4.1). | |
| 99.1 | Press release of Rivian Automotive, Inc., dated June 4, 2025. | |
| 104 | Cover page interactive data file (embedded within the inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RIVIAN AUTOMOTIVE, INC. | ||||||
| Date: June 12, 2025 | By: | /s/ Claire McDonough | ||||
| Claire McDonough | ||||||
| Chief Financial Officer | ||||||