Stellantis Prices 5 Billion Euro Hybrid Bond Offering
Stellantis priced a 5 billion euro hybrid bond offering to bolster liquidity. The move follows a major reset of the automaker's electric vehicle strategy.
Stellantis has priced a multi-tranche hybrid bond offering totaling 5 billion euros ($5.8 billion) to bolster its financial position following a significant shift in its electric vehicle strategy. The capital market move comes just weeks after the automaker announced multi-billion-euro charges related to a strategic reset.
Last month, the company revealed 22.2 billion euros in impairments after scaling back its electric vehicle (EV) rollout. CEO Antonio Filosa noted that the company had overestimated the speed of consumer adoption for zero-emission vehicles. To maintain a robust balance sheet and ensure liquidity, the firm opted to issue non-convertible subordinated perpetual hybrid bonds.
