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Amber Heard And Elon Musk Set The Record Straight On Their Breakup

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Tesla seeks $1.5 bn junk bond issue to fund Model 3 production

The Danish Girl star and Musk ended their year-long romance earlier this month (Aug17), days after they were spotted together in Australia - and they're now insisting there are no hard feelings behind the split.

Tesla Inc., the American automaker is working on a backup plan if its long-standing promise to bring "Full Self-Driving Capability" onto roads falls short to meet the market demands, claimed the latest report, and published by Electrek. "This is more in the double B range", he added, referring to a higher speculative debt rating.

Amber Heard and Elon Musk on the Gold Coast in April. Tesla anticipates the addition of Model 3 production this year will eventually lift plant volume to almost 500,000 vehicles a year.

During a conference call on Monday with financial analysts to discuss a new bond offering, CEO Elon Musk let slip that his original estimate of annual Tesla Model 3 totals was about 200,000 short - now he's saying that the all-electric auto company will likely produce 700,000 units of the Model 3 annually one day. "It can get a little weird".

Morgan Stanley; Barclays Capital; Merrill Lynch, Pierce, Fenner & Smith; Citigroup Global Markets; Deutsche Bank Securities; and RBC Capital Markets were the other underwriters.

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Tesla had issued four convertible bonds to date - the company now has US$3.3bn outstanding - but it has never before accessed the public unsecured bond market.

Despite admitting his Gigafactory might not be able to keep up with supply, Musk has already confirmed a Model 3 Performance version will be available from mid-2018.

In a market where investors willingly gobble up whatever new debt is on offer, the terms probably won't hamper the bond sale, according to debt analysts. When Tesla was courting equity investors during its initial public offering roadshow, he described the company as a "freaking technology velociraptor" set to revolutionise the world. The Bloomberg Barclays High Yield Index closed at a five-week high of 5.71 percent on Thursday, amid escalating tension in the Korean Peninsula.

But Tesla hopes the Model 3, which debuted at the end of July, will help the Silicon Valley company become the top carmaker on the block.

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