BUZZ-Upstart drops after convertible debt deal announced

Reuters11-12

** Shares of Upstart off 4.8% before the bell to $73.74 as AI-driven lending platform seeks another capital raise by issuing convertible securities ** Co says $425 mln 6-yr convertible bonds (CBs)

** It plans to use net proceeds for general purposes, including to pay down debt ** UPST shares on Fri soared 46% to close at $81, a day after co forecasted Q4 rev above Street expectations, with analysts citing improving loan and credit performance

** Through Mon close, stock up 90% in 2024 giving it ~$7.1 bln market cap, per LSEG ** In Sept, co priced offering of $375 mln 5-yr CBs to repurchase portion of it CBs due 2026

(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((mailto:lance.tupper@thomsonreuters.com mailto:lance.tupper@tr.com 1-646-279-6380))

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