Tesla enters $30.0B of senior unsecured credit facilities (Term Loan Facility + Five-Year Revolving Facility + 364-Day Revolving Facility); terminates prior $5.0B revolver
On September 29, 2026, Tesla entered into (i) a $20.0 billion senior unsecured three-year delayed draw term loan facility with Citibank, N.A. as administrative agent, (ii) an $8.0 billion senior unsecured five-year revolving facility with Wells Fargo Bank, N.A. as administrative agent, and (iii) a $2.0 billion senior unsecured 364-day revolving credit facility with Wells Fargo Bank, N.A. as administrative agent, for total new commitments of $30.0 billion. Tesla also has an option to increase revolving commitment...
Key takeaways
Aggregate facility capacity expanded from a $5.0 billion prior revolver to a $30.0 billion three-tranche package, a sixfold increase in committed senior unsecured liquidity.
Largest piece is a $20.0 billion three-year delayed draw term loan facility, drawable up to ten times over an 18-month window with step-downs to $10.0 billion at 12 months and $5.0 billion at 15 months.
Revolving capacity totals $10.0 billion ($8.0 billion five-year plus $2.0 billion 364-day), with an accordion option for up to $4.0 billion of additional revolving commitments, bringing potential total capacity to $34.0 billion.
Prior $5.0 billion revolving credit agreement was terminated in connection with the new facilities, with no outstanding borrowings and no early-termination penalties.
No loans were drawn under any of the new facilities as of September 29, 2026, and Tesla indicated it does not currently plan to draw on the facilities in 2026.
Covenants include a minimum $5.0 billion consolidated liquidity requirement and customary restrictions on liens and indebtedness incurrence by restricted subsidiaries.
Pricing across all three facilities is variable (Term SOFR or alternate base rate plus applicable margin) tied to Tesla's senior unsecured long-term debt rating, with the five-year revolver also allowing GBP and EUR rate options.
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