There's a potentially devastating new twist in the Tesla story (TSLA)

• Tesla has turned to debt rather than equity to raise $1.5 billion.
• The company's story has been driven by its stock price.
• Bond investors aren't necessarily buying into that story.
As expected, Tesla is raising more money.
As not expected, that money will be in the form of debt: $1.5 billion in unsecured bonds, with an eight-year maturity and an anticipated interest rate of  5.5%.
The bonds will be junk, rated B- and B3 by S&P and Moody's respectively, and investors