---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-222101"
form_type: "8-K"
ticker: "UPST"
cik: "0001647639"
company_name: "Upstart Holdings, Inc."
filed_at: "2024-09-19T23:59:59+00:00"
generated_at: "2026-05-31T03:38:34.118029+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Upstart issues $431.25M 2% convertible senior notes due 2029; buys back $334.2M of 0.25% notes

## Summary
- Issued $431.25M of 2.00% Convertible Senior Notes due 2029; net proceeds ~$420.9M after discounts and expenses.
- Used ~$302.5M of proceeds to repurchase $334.2M aggregate principal of outstanding 0.25% Convertible Senior Notes due 2026.
- Initial conversion price ~$45.66/share (21.9029 shares per $1,000), a 30% premium to Sept 16, 2024 closing price of $35.12.
- Entered capped call transactions covering ~9.4M shares of common stock with cap price of $70.24 to offset potential dilution.
- Notes are senior unsecured, redeemable by company after Oct 6, 2027 if stock price exceeds 130% of conversion price.

## SEC filing metadata
- accession: 0001193125-24-222101
- form_type: 8-K
- ticker: UPST
- cik: 0001647639
- company_name: Upstart Holdings, Inc.
- filed_at: 2024-09-19T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1647639/000119312524222101/0001193125-24-222101-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1647639/000119312524222101/d892536d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-222101
- JSON: https://secwatch.observer/filing/0001193125-24-222101.json
- Plain text: https://secwatch.observer/filing/0001193125-24-222101.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.