Upstart issues $661.25M of 0.25% convertible notes due 2026, net proceeds $645.5M

Upstart Holdings, Inc.

Issued $661.25M aggregate principal of 0.25% Convertible Senior Notes due 2026; net proceeds $645.5M.
Initial conversion rate 3.5056 shares per $1,000 principal; conversion price ~$285.26 (42.5% premium to $200.18 stock price).
Used $58.5M of proceeds to buy capped calls with strike $285.26 and cap $400.36, covering ~2.3M shares to reduce dilution.
Notes mature Aug 15, 2026; interest semi-annual; redeemable after Aug 20, 2024 at 130% of conversion price trigger.
Offering to QIBs under Rule 144A; initial purchasers exercised in full option for additional $86.25M.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.