Lucid Group secures $1B revolving credit facility
Lucid Group (NASDAQ:LCID) has signed a Credit Agreement on June 9, 2022 with Bank of America and syndicate of lenders that include Citigroup; Barclays Bank PLC; Goldman Sachs Bank USA; JPMorgan Chase Bank N.A.; BNP Paribas; Royal Bank of Canada, Capital Markets; HSBC Bank USA, N.A.; MUFG Bank, Ltd.; Sumitomo Mitsui Banking Corporation; and Wells Fargo Bank, N.A.

The company has secured asset-based revolving credit facility (ABL credit facility) of up to $1B due June 9, 2027.
"We are pleased to complete this credit facility with an exceptional syndicate of banks, which illustrates our ability to access alternative forms of financing and provides us with further financial flexibility to scale our business," said Sherry House, Lucid's CFO. "We ended the first quarter of 2022 with close to $5.4 billion of cash on hand, which we expect will fund us well into 2023. We remain committed to scaling our business and are executing against our strategic objectives."
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