Pagaya closes upsized $500M 8.875% senior unsecured notes; 5x oversubscribed

Pagaya Technologies Ltd.

$500M 8.875% senior unsecured notes due 2030 closed; upsized from original offering size.
Net proceeds used to refinance existing higher-cost term loan and secured borrowings; cost of debt lowered ~200 bps.
Expects ~$40M annual cash flow savings: $30M reduced amortization and $12M interest expense reduction.
One of first fintechs to access high-yield unsecured debt markets; rated by S&P, Moody's, Fitch.
Generally flat net leverage maintained despite the refinancing.

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