Arrival said on Tuesday it will convert shareholder hedge fund Antara Capital Master Fund LP's $20 million loan into equity, a move that would help the British electric-vehicle startup lower its debt load.According to the deal, Antara will not be allowed to sell more than 10 per cent of the traded volume
Arrival said on Tuesday it will convert shareholder hedge fund Antara Capital Master Fund LP's $20 million loan into equity, a move that would help the British electric-vehicle startup lower its debt load.
After the exchange, Arrival will still have about $300 million of principal amount in convertible notes that can be converted into equity.
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