Pagaya issues $160M 6.125% exchangeable notes due 2029; refinances higher-cost debt

Pagaya Technologies Ltd.

Issued $160M aggregate principal of 6.125% Exchangeable Senior Notes due 2029.
Net proceeds ~$128.1M (or $146.5M if option exercised fully) to repay higher-cost debt.
Expects to reduce cash interest expense by ~$30M and become cash flow positive annualized.
Exchange price of ~$13.99/share, representing ~45% premium over last reported sale price of $9.65.
Terminated B. Riley ordinary shares purchase agreement; B. Riley confirmed no securities held.

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