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The Wall Street Journal: Tesla makes record $920 million payment for convertible bond

Tesla Inc. delivered its largest-ever bond payment Friday, a move that likely used up nearly a quarter of its cash at a time when the company faces increasing scrutiny from regulators and investors.

The electric car maker had issued $920 million in convertible, senior notes five years ago, a period when rapid growth and optimism around its Model S electric car drove a furious rally in Tesla shares. Reflecting that, the strike price for the notes, or the level at which the notes would be fulfilled by a conversion into Tesla stock, was $359.87 a share, or 42.5% above the level at that time.

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