Pagaya Priced Upsized $140M Exchangeable Senior Notes Offering (Up From Prior Size Of $125M) For Debt Repayment
Portfolio Pulse from Benzinga Newsdesk
Pagaya Technologies LTD. (NASDAQ:PGY) announced an upsized $140 million exchangeable senior notes offering, increased from $125 million due to strong demand. The proceeds will be used to repay higher-cost debt and for general corporate purposes. The notes, due 2029, have a 6.125% interest rate and are exchangeable into Pagaya's Class A shares.
September 27, 2024 | 6:52 am
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Pagaya Technologies upsized its exchangeable senior notes offering to $140M, indicating strong demand. The proceeds will be used to repay higher-cost debt, potentially improving financial stability and reducing interest expenses.
The upsizing of the notes offering from $125M to $140M due to strong demand suggests positive investor sentiment. Using proceeds to repay higher-cost debt can improve Pagaya's financial health by reducing interest expenses, which is favorable for the company's stock price.
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