Pagaya unit offers $125M exchangeable notes due 2029, plus $100M term loan, targeting ~$30M annual interest savings

Pagaya Technologies Ltd.

Pagaya US Holding Co. priced $125M in Exchangeable Senior Notes due 2029; underwriters have 13-day option for additional $18.75M.
Company obtained $100M incremental term loan due 2029; combined proceeds to refinance high-cost secured borrowings.
Refinancing expected to reduce annual cash interest expense by approximately $30 million.
Upon completion, Pagaya expects to be total cash flow positive on an annualized basis.
Notes are senior unsecured, guaranteed by Pagaya; interest rate and exchange terms to be set at pricing.

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