Pagaya Technologies, a global FinTech firm known for its AI-driven product solutions, announced today that it has successfully priced an offering of $140m in exchangeable senior notes due 2029.
The offering, initially set at $125m, was upsized due to robust investor demand. The notes, issued by Pagaya’s wholly owned subsidiary, Pagaya US Holding Company LLC, are scheduled for settlement on October 1, 2024, adhering to standard closing conditions.
The substantial investment underscores the financial community’s confidence in Pagaya, which plans to allocate the net proceeds towards repaying higher-cost debt facilities and reducing interest expense costs. The remainder will support general corporate purposes. These notes, characterised as senior unsecured obligations, will attract interest at a rate of 6.125% per annum, with semi-annual payments commencing from April 1, 2025.
Pagaya’s operational focus centres around leveraging its sophisticated technology to reshape the financial services landscape. By harnessing machine learning and extensive data networks, the company enhances the delivery of consumer credit and other financial services, facilitating greater economic inclusivity.
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