Pagaya Technologies (PGY) said late Wednesday its Pagaya US Holding Company unit is planning a $125 million private offering of exchangeable senior notes due October 1, 2029.
The company expects to grant initial purchasers an option to acquire up to an additional $18.75 million of notes.
Pagaya said it plans to use the net proceeds to repay secured borrowing under its repurchase agreements, among other things.
The company's shares were down about 16% in after-hours activity.
Price: 10.45, Change: -2.00, Percent Change: -16.06
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