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Faraday Future Announces it has Raised $100 Million in Debt Financing to Help Advance the Countdown to FF 91 Delivery, Following the Signing of the Merger Agreement with Property Solutions Acquisition Corp (PSAC)
The new round of debt financing will be used to fund operations and accelerate the FF 91 program even further, including the start-up of manufacturing at
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":"\n\nThe new round of debt financing will be used to fund operations and accelerate the FF 91 program even further, including the start-up of manufacturing at FF’s production facility in Hanford, California\n\n\nThe financing will also fund additional product testing and vehicle technology system upgrades, enhance supply chain, and will advance the China business operations strategy\n\n\nFunds managed by the Credit Group of Ares Management Corporation (“Ares”) provided an $85 million commitment to lead the recent financing round, with the remainder provided by funds managed by affiliates of Birch Lake Fund Management, LP (“Birch Lake”) and other lenders\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nFaraday Future (\"FF\"), a California-headquartered global shared intelligent mobility ecosystem company, announced today that it has raised approximately US$100 million in debt financing commitments led by Ares, along with existing lender Birch Lake and other lenders joining the debt financing round. Birch Lake affiliates remain the Majority Notes Purchaser and Collateral Agent on the secured financing facility. This new funding allows FF to build upon the momentum of a well-developed vehicle program and begin production preparation at FF’s manufacturing facility in Hanford, California and advance the countdown of the delivery of the FF 91, which is planned for approximately 12 months after the close of its previously announced merger with Property Solutions Acquisition Corp (“PSAC”).\n\nThe preparation and start-up of the Hanford manufacturing facility will include new hiring, additional construction, and equipment installation and calibration to ensure the on-time production and delivery of FF 91. In addition, the funds will help further product testing, upgrade the Advanced Internet, Autonomous Driving and Intelligence (I.A.I) system, reboot supply chain efforts, build out the user ecosystem organization, and accelerate the FF China business operations strategy.\n\n\"We greatly appreciate the strong support that Ares and Birch Lake bring to FF,” said Carsten Breitfeld, Global CEO of FF. “This funding and subsequent merger with PSAC are instrumental steps to the realization of FF’s overall strategy and product fulfillment. This allows us to build upon our existing momentum and continue our production planning and deliver the FF 91 to consum...