Pagaya Technologies Shares Sink on Exchangeable Notes Offering

Dow Jones09-26 19:28

By Dean Seal

Shares of Pagaya Technologies tumbled after the company said its U.S. subsidiary plans to offer $125 million in exchangeable notes in a private offering.

The stock was down 17% at $10.35 in premarket trading. Shares had already fallen 25% year-to-date when the market closed Wednesday.

The financial-technology company said after the bell Wednesday that its Pagaya U.S. unit is offering exchangeable senior notes due 2029 to individuals believed to be institutional buyers. The subsidiary also expects to grant initial purchasers an option to buy up to an additional $18.75 million in notes.

The notes will accrue interest payable semiannually and can be exchanged for cash or Class A shares of Pagaya stock.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

September 26, 2024 07:28 ET (11:28 GMT)

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