Upstart Holdings Prices $425 Million Senior Notes Offering

MT Newswires Live11-13

Upstart Holdings (UPST) said late Tuesday it priced $425 million of convertible senior notes due 2030 in a private offering.

The company granted the initial purchasers a 13-day option to buy up to an additional $75 million of the notes. The sale is expected to settle on Friday.

The notes will bear interest at a rate of 1% per year. They will be convertible at an initial rate of 10.8702 shares of Upstart's common stock per $1,000 of notes, equivalent to an initial conversion price of about $91.99 per share.

The company said it plans to use the net proceeds from the offering for general corporate purposes.

Price: 47.79, Change: +0.55, Percent Change: +1.16

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment