Pagaya Technologies LTD. announced that its wholly owned subsidiary, Pagaya US Holding Company LLC, intends to offer $450 million aggregate principal amount of unsecured senior notes due 2030. This private offering is directed at qualified institutional buyers and qualified purchasers. The proposed offering aims to optimize Pagaya's capital structure.
The company intends to use the net proceeds from this offering primarily to repay all outstanding amounts under its existing credit facilities. Additionally, approximately $75 million of certain outstanding secured borrowings will be repaid, along with associated fees and expenses. Any remaining proceeds will be allocated for general corporate purposes.
The notes and their guarantees will be senior unsecured obligations of Pagaya US and its guarantors. This strategic financing move is designed to enhance financial flexibility and reduce reliance on secured borrowings. The offer and sale of these notes will not be registered under the Securities Act.
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