---
schema_version: "secwatch.filing_event.v1"
accession: "0001883085-24-000147"
form_type: "8-K"
ticker: "PGY"
cik: "0001883085"
company_name: "Pagaya Technologies Ltd."
filed_at: "2024-10-01T23:59:59+00:00"
generated_at: "2026-05-30T23:50:11.233629+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001883085-24-000147
- form_type: 8-K
- ticker: PGY
- cik: 0001883085
- company_name: Pagaya Technologies Ltd.
- filed_at: 2024-10-01T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 1.02, 3.02, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1883085/000188308524000147/0001883085-24-000147-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1883085/000188308524000147/pgy-20240925.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001883085-24-000147
- JSON: https://secwatch.observer/filing/0001883085-24-000147.json
- Plain text: https://secwatch.observer/filing/0001883085-24-000147.txt

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