Tesla secures $30B in new credit lines; says it does not plan to draw in 2026
Tesla disclosed $30 billion in new senior unsecured credit facilities and said it does not currently plan to draw on them in 2026.
Tesla, Inc. (NASDAQ: TSLA) disclosed on Sept. 29 that it has entered into $30 billion of new senior unsecured credit facilities, expanding balance-sheet flexibility as it scales manufacturing for Cybercab, Optimus, and the Tesla Semi. In a Form 8-K filed with the U.S. Securities and Exchange Commission, the company said no loans were outstanding at closing and that it “does not currently plan to draw on the facilities in 2026.”
As of Yahoo Finance chart data ~11:42 ET on Sept. 30, 2026: TSLA’s Sept. 29 U.S. close was $352.84, and the Sept. 30 regular-session print was about $349.23.
The package has three legs. Citibank, N.A. is administrative agent on a $20.0 billion three-year delayed-draw term loan facility. Wells Fargo Bank, National Association administers an $8.0 billion five-year revolving credit facility and a $2.0 billion 364-day revolving facility. Together, the revolvers and term loan total $30 billion of committed capacity.
Under the delayed-draw term loan, Tesla may borrow up to ten times during the 18 months after closing. Undrawn commitments automatically step down to $10.0 billion on the first anniversary, to $5.0 billion 15 months after closing, and any remaining undrawn amounts terminate 18 months after closing. Term loans mature on Sept. 29, 2029.
The five-year revolver may be drawn in U.S. dollars, pounds sterling, or euros, includes up to $500 million of letter-of-credit capacity, and matures on Sept. 29, 2031, with up to two one-year extension options subject to conditions. The 364-day facility is dollar-denominated, matures on Sept. 28, 2027, and includes a term-out option to extend outstanding loans for an additional year. Tesla may also increase revolving commitments by up to $4.0 billion across the revolvers, potentially lifting aggregate revolving capacity to $14.0 billion.
Pricing is rating-linked. Dollar borrowings accrue interest at Term SOFR or an alternate base rate plus an applicable margin tied to Tesla’s senior unsecured ratings (or issuer rating in some cases). Sterling and euro drawings under the five-year revolver use SONIA and adjusted EURIBOR, respectively, plus margin. Commitment and ticking fees also vary with credit ratings and are payable quarterly.
The credit agreements require Tesla to maintain at least $5.0 billion of consolidated liquidity and include customary covenants on liens and subsidiary indebtedness, subject to exceptions. Events of default allow lenders to terminate commitments and accelerate amounts outstanding.
Concurrently, Tesla terminated its prior $5.0 billion revolving credit agreement dated Jan. 20, 2023 (set to mature Jan. 20, 2028). The company said it had no borrowings under that facility and incurred no early-termination penalties. Some lenders or affiliates from the old revolver participate in the new facilities.
TechCrunch noted that Tesla has projected at least $25 billion of capital expenditures for 2026 and finished the second quarter with roughly $9 billion of debt and more than $40 billion of cash and investments. New manufacturing lines for Cybercab, Optimus, and Semi are among the uses that could eventually tap liquidity, though management’s 8-K language makes clear it does not currently intend to draw in 2026. Proceeds of any future draws may be used for general corporate purposes or other purposes not prohibited by the agreements.
For equity investors, the disclosure is a financing and liquidity story rather than an immediate leverage event: capacity rose, prior revolver capacity was replaced, and actual drawn debt did not increase at closing. Credit investors will watch rating trajectories, liquidity-covenant headroom, and whether CapEx or product ramps eventually pull the facilities into use.
This article is news based on Tesla’s SEC filing. It is not investment advice and does not project returns on TSLA shares or the company’s debt.
