Update
Rivian Receives $1 Billion Loan from Volkswagen
Rivian, a company, has received a $1 billion loan from Volkswagen. The 10-year loan, which was funded on October 7, has a fixed yield of 6.03%. The loan is non-recourse, meaning Rivian does not secure it. Principal repayment begins in year 3 at a rate of $100 million per year, with the remainder due in October 2036. Rivian plans to use the cash for general corporate purposes.