---
schema_version: "secwatch.filing_event.v1"
accession: "0001883085-24-000140"
form_type: "8-K"
ticker: "PGY"
cik: "0001883085"
company_name: "Pagaya Technologies Ltd."
filed_at: "2024-09-25T23:59:59+00:00"
generated_at: "2026-05-31T01:55:30.310169+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001883085-24-000140
- form_type: 8-K
- ticker: PGY
- cik: 0001883085
- company_name: Pagaya Technologies Ltd.
- filed_at: 2024-09-25T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1883085/000188308524000140/0001883085-24-000140-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1883085/000188308524000140/pgy-20240925.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001883085-24-000140
- JSON: https://secwatch.observer/filing/0001883085-24-000140.json
- Plain text: https://secwatch.observer/filing/0001883085-24-000140.txt

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