Peloton upsizes to $700M of 8.625% senior secured notes due 2032 to repay $1.0B term loan

PELOTON INTERACTIVE, INC.

Offering upsized from $600.0M to $700.0M; notes carry an 8.625% annual rate, expected to settle Nov. 20, 2026, yielding ~$700.0M gross proceeds before fees.
Net proceeds plus cash on hand will repay all term loans under the existing $1.0B five-year term loan facility, which will be terminated in connection with the repayment.
Company also proposes a $200.0M five-year revolving credit facility as part of the refinancing; the offering is not conditioned on the revolver or the term loan repayment.
Remaining proceeds earmarked for general corporate purposes, which may include repurchases of Class A common stock, capex, working capital and acquisitions.
Notes are senior secured obligations sold privately under Rule 144A and Regulation S; terms beyond the rate and 2032 maturity were not disclosed.

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