Pagaya Announces $450 Mln Senior Notes Due 2030; Stock Fell In Pre-market

(RTTNews) - Pagaya Technologies Ltd. (PGY), a financial technology company, on Tuesday that its wholly owned subsidiary, Pagaya US Holding Company LLC, announced that it has planned to offer $450 million in unsecured senior notes due 2030 through a private placement.

Shares of Pagaya Technologies are decreasing by 7% in the pre-market trading.

The company planned to use the net proceeds to fully repay its existing credit facilities and $75 million of certain secured borrowings. It will also cover related fees and expenses, with any remaining funds allocated for general corporate purposes.

These investors must be purchasing the notes for their account or on behalf of others for whom they have full investment discretion, provided those parties also meet both criteria.

The notes will be fully and unconditionally guaranteed on a senior unsecured basis by Pagaya and its subsidiaries that currently guarantee its existing credit agreement.

Both the notes and the guarantees will represent senior unsecured obligations of Pagaya US and the guarantors.

In the pre-market trading, Pagaya Technologies 7.12% lesser at $29.05 on the Nasdaq.