secwatch.observer — SEC 8-K summary
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Issuer:     Pagaya Technologies Ltd. (PGY)
CIK:        0001883085
Form:       8-K
Filed at:   2024-09-25T23:59:59+00:00
Accession:  0001883085-24-000140
Event type: debt
Sentiment:  positive
Materiality: 0.80
Item codes: 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1883085/000188308524000140/0001883085-24-000140-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1883085/000188308524000140/pgy-20240925.htm
  HTML page:      https://secwatch.observer/filing/0001883085-24-000140

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