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Tesla Motors Inc.

increased the size of its equity and debt offerings by 30 percent to as much as $1.08 billion to repay its U.S. loan and build up cash reserves.

The company said in an SEC filing that it plans to sell as many as 3.9 million shares for $92.24 apiece. Tesla CEO Elon Musk is due to purchase 1.08 million shares for about $100 million and convertible notes may raise as much as $648 million.

Tesla said it will use $452.4 million to repay an Advanced Technology Vehicles Manufacturing loan.

Tesla's early repayment sets it apart from Fisker Automotive Inc., which failed in a similar bid to profit from rechargeable autos, as well as large carmakers that aren't under pressure to reimburse the Energy Department.

 


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