secwatch.observer — SEC 8-K summary
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Issuer:     Pagaya Technologies Ltd. (PGY)
CIK:        0001883085
Form:       8-K
Filed at:   2024-10-01T23:59:59+00:00
Accession:  0001883085-24-000147
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 1.02, 3.02, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1883085/000188308524000147/0001883085-24-000147-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1883085/000188308524000147/pgy-20240925.htm
  HTML page:      https://secwatch.observer/filing/0001883085-24-000147

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer