U.S. Rivian Automotive's unit to double commitments to $1.5 bln

U.S. electric vehicle maker Rivian Automotive's direct unit, Rivian Holdings LLC, has entered into an amended and restated asset-based revolving credit agreement with banker JPMorgan Chase Bank as administrative agent.

Under the deal, Rivian has agreed to double the currently undrawn revolving commitments to $1.5 billion, increase the letter of credit sub-limit from $500 million to $1 billion, and change the interest rate benchmark.

Moreso, the company has also agreed to amend the borrowing base to expand the eligibility of certain assets, and certain other covenants and baskets to widen future indebtedness, as part of its capital roadmap, and others.

Furthermore, the amendments to Rivian's asset-based revolving credit facility reinforce its strong balance sheet position and reflect an important step in its portfolio-based capital roadmap.