Li Auto Triggers $862.5M Put Right on 0.25% Convertible Notes
Li Auto notified holders of its 0.25% convertible senior notes due 2028 that they may require the company to repurchase notes at 100% of principal plus accrued interest on May 1, 2026. As of March 26, $862.5 million remains outstanding, with the Put Right window expiring April 29.
1. Put Right Notification Details
On March 27, Li Auto notified holders of its 0.25% convertible senior notes due 2028 that they may require the company to repurchase all or part of their notes at par value plus accrued interest on May 1, 2026, under the terms of the April 12, 2021 indenture.
2. Repurchase Terms and Timing
Holders can elect to sell notes in minimum $1,000 increments; the repurchase price equals 100% of principal plus accrued interest to May 1, while the Put Right window closes at 5:00 p.m. New York time on April 29, 2026.
3. Outstanding Notes and Potential Cash Impact
As of March 26, there are $862.5 million in aggregate principal amount outstanding; if fully exercised, the company would pay $862.5 million plus interest, representing a significant near-term cash obligation.
4. Exercise Procedures and Withdrawal Rights
Holders seeking repurchase must follow transmittal procedures set by Deutsche Bank Trust Company Americas through the Depository Trust Company; withdrawals are permitted until 5:00 p.m. New York time on April 29, 2026.