Lithium Americas receives first drawdown of $435M from U.S. DOE ATVM loan

Lithium Americas (LAC) has received its first drawdown of $435M from its $2.23B guaranteed loan from the U.S. Department of Energy, or DOE, Loan Programs Office, or LPO, under the Advanced Technology Vehicles Manufacturing, or ATVM, Loan Program to finance the construction of the processing facilities at Thacker Pass, located in Humboldt County, Nevada. The $2.23B DOE Loan includes principal of $1.97B and estimated capitalized interest during construction of $256M. The interest rate that will be applied to amounts drawn under the DOE Loan is the applicable long-dated U.S. Treasury rate on the date of each draw with 0% spread. The DOE Loan tenor is approximately 23 years from date of first draw. Scheduled repayments of principal and interest are expected to commence in January 2029. The company may prepay the DOE Loan at any time, subject to certain conditions, by paying principal plus accrued interest on outstanding advances. The company has the ability to draw on the DOE Loan as frequently as monthly, as needed.