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An announcement from Pagaya Technologies Ltd ( (PGY) ) is now available.
Pagaya Technologies Ltd. is seizing a financial growth opportunity by launching a $125 million offering of Exchangeable Senior Notes due 2029, with a potential additional $18.75 million for initial purchasers. This strategic move, complemented by a $100 million incremental term loan, aims to refinance existing high-interest debt, resulting in approximately $30 million in annual interest savings. The company plans to reinvest these savings to accelerate growth and expects to become cash flow positive, simplifying its debt profile and enhancing its balance sheet. These efforts are part of a broader initiative to achieve financial stability and fund future capital activities with reduced reliance on secured borrowings.
Learn more about PGY stock on TipRanks’ Stock Analysis page.
