---
schema_version: "secwatch.filing_event.v1"
accession: "0001883085-25-000157"
form_type: "8-K"
ticker: "PGY"
cik: "0001883085"
company_name: "Pagaya Technologies Ltd."
filed_at: "2025-07-28T23:59:59+00:00"
generated_at: "2026-05-18T00:26:13.549310+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001883085-25-000157
- form_type: 8-K
- ticker: PGY
- cik: 0001883085
- company_name: Pagaya Technologies Ltd.
- filed_at: 2025-07-28T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1883085/000188308525000157/0001883085-25-000157-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1883085/000188308525000157/pgy-20250728.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001883085-25-000157
- JSON: https://secwatch.observer/filing/0001883085-25-000157.json
- Plain text: https://secwatch.observer/filing/0001883085-25-000157.txt

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