secwatch.observer — SEC 8-K summary
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Issuer:     Upstart Holdings, Inc. (UPST)
CIK:        0001647639
Form:       8-K
Filed at:   2024-09-19T23:59:59+00:00
Accession:  0001193125-24-222101
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1647639/000119312524222101/0001193125-24-222101-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1647639/000119312524222101/d892536d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-222101

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