Company: PGYWW
Filing Date: 2025-07-23
Form Type: 8-K
Source: 0001883085-25-000155
Chunk: 0

Company: Pagaya Technologies Ltd.
Filing Date: 2025-07-23
Form: 8-K
Item: Item 8.01
Chunk 0
---
Item 8.01. Other Events.

On July 23, 2025, Pagaya Technologies Ltd. (the “ Company”) announced that its wholly-owned subsidiary, Pagaya US Holdings Company LLC (“ Pagaya US”), priced the offering of $500 million aggregate principal amount of 8.875% senior unsecured notes due 2030 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “ Securities Act”) (a “qualified institutional buyer”), that are qualified purchasers as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended, and the rules thereunder (the “ Investment Company Act”) (a “qualified purchaser”). These buyers must be acquiring the notes for their own account or for the account of another person, over which they exercise sole discretion, who also meets the criteria of a qualified institutional buyer and a qualified purchaser. The offering size was increased from the previously announced offering size of $450 million aggregate principal amount of notes as a result of strong demand on the offering. The issuance and sale of the notes is scheduled to settle on July 28, 2025, subject to customary closing conditions.

The Company intends to use the net proceeds from the offering of the notes to repay all amounts outstanding under its existing credit facilities and to repay approximately $100 million of certain outstanding secured borrowings as well as to pay related fees and expenses, with the remainder for general corporate purposes.

The notes will accrue interest at a rate of 8.875% per annum, payable semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026. The notes will mature on August 1, 2030, unless earlier repurchased or redeemed. The notes will be fully and unconditionally guaranteed, on a senior unsecured basis, by the Company and each of the Company’s subsidiaries (other than Pagaya US) that is a guarantor under its existing credit agreement (collectively, the “ Guarantors”). The notes and the related note guarantees will be senior unsecured obligations of Pagaya US and the Guarantors.

The offering price of the notes is 100% of the principal amount of notes. Pagaya estimates that the net proceeds from the offering will be approximately $491 million, after deducting the initial purchasers’ discounts and commissions and Pagaya’s estimated offering expenses