Peloton completes $1.35B holistic refinancing; repurchases $800M of 2026 notes

PELOTON INTERACTIVE, INC.

Closed new $1.0B five-year term loan facility and $100M revolver with JPMorgan and Goldman Sachs.
Raised $350M via upsized convertible senior notes due 2029 from new/existing investors.
Used proceeds + cash to repurchase ~$800M of 0% convertible notes due 2026 at a discount.
Refinanced existing term loan and revolving facility; extended maturities and reduced overall debt.
CFO noted oversubscribed, competitively priced deal reflecting confidence in subscription business.

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