Pagaya Technologies Ltd. (NASDAQ: PGY) has announced the pricing of an upsized $500 million aggregate principal amount of 8.875% senior unsecured notes due in 2030. This offering, conducted by Pagaya's wholly owned subsidiary Pagaya US Holding Company LLC, was increased from a previous size of $450 million due to strong demand. The notes are priced at 100% of their principal amount and are set to mature on August 1, 2030, with interest accruing at a rate of 8.875% per annum, payable semi-annually beginning February 1, 2026. The issuance is expected to settle on July 28, 2025, subject to customary closing conditions. Net proceeds estimated at approximately $491 million will be used to repay existing debt facilities and for general corporate purposes.
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