** Shares of electric vehicle maker Lucid Group LCID.O down 0.5% at $16.90 before the bell after debt-refinancing capital raise

** California-based LCID early Weds announces pricing private offering of $875 mln 7% 6-yr convertible bonds (CBs)

** Initial conversion of $20.81 represents 22.5% premium to stock's last close of $16.99

** LCID intends to use net proceeds to repurchase a portion of its 1.25% CBs due 2026, and for general purposes

** In connection with the offering, Saudi Arabia's Public Investment Fund affiliate, Ayar Third Investment, entered into prepaid forward transactions to purchase about $637 mln of LCID shares and lend those shares to buyers of the new CBs to facilitate hedging

** LCID has about $5.5 bln market cap

** LCID shares on Tues fell 1.1%, down 44% YTD

** Of 14 analysts covering LCID, recommendation breakdown is 1 "buy", 10 "hold" and 3 "sell" or "strong sell"; median PT is $20, per latest LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))