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Pagaya Technologies Ltd ( (PGY) ) has provided an announcement.
Pagaya Technologies Ltd. and its subsidiary, Pagaya US, have raised $160 million through an issuance of 6.125% exchangeable senior notes due in 2029. The offering, managed by major financial institutions, aims to repay existing high-cost debt and fund general corporate expenses, with expectations to reduce annual cash interest by $30 million and achieve a positive cash flow. These notes, guaranteed by Pagaya, will be senior unsecured debt, exchangeable for cash or shares, with specific conditions for redemption and exchange. This strategic financial move is part of Pagaya’s broader plan to optimize its capital structure and reduce financing costs.
See more data about PGY stock on TipRanks’ Stock Analysis page.
