From a recent WSJ article on Tesla’s debt: https://www.wsj.com/articles/sizing-up-teslas-10-billion-debt-stack-1529240400 https://www.wsj.com/articles/sizing-up

From a recent WSJ article on Tesla’s debt: https://www.wsj.com/articles/sizing-up-teslas-10-billion-debt-stack-1529240400 https://www.wsj.com/articles/sizing-up-teslas-10-billion-deb.... If you look at the charts they provide, nearly half of Tesla’s own and SolarCity-inherited debt is in the form of convertible bonds. To the best of my knowledge, convertible bonds trade off debt seniority for the potential upside of an equity vehicle. It seems that the rest of their debt is in the form of “vanilla” long term bonds. Very little comes from a revolving credit facility or other short term bank financing. To the best of my knowledge, there is no such thing as a call provision exercisable by a bond holder. This would seem to defeat the entire purpose of issuing a bond from the issuer’s perspective in the first place; namely, access to capital for a finite amount of time in exchange for a fixed interest payment. Some bonds are certainly callable by the original issuer, at a premium to market price, but I struggle to think of a single publicly traded bond that gives the kinds of debt covenant style call provisions that you’re referring to.