Company: PGYWW
Filing Date: 2025-10-02
Form Type: 8-K
Source: 0001883085-25-000187
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Company: Pagaya Technologies Ltd.
Filing Date: 2025-10-02
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

On October 1, 2025, Pagaya Technologies Ltd. (the “ Company”) and Pagaya US Holding Company LLC, its wholly owned subsidiary, refinanced the revolving credit facility provided under that certain credit agreement dated February 2, 2024 with Acquiom Agency Services LLC, as the Administrative Agent, and the lenders and other parties party thereto (the “2024 Credit Agreement”) by way of terminating the 2024 Credit Agreement and entering into a new credit agreement (the “2025 Credit Agreement”) with BMO BANK N. A., as Administrative Agent, and the lenders and other parties party thereto (such termination of the 2024 Credit Agreement and entry into the 2025 Credit Agreement, the “ Revolver Refinancing”). In connection with entering into the 2025 Credit Agreement, the Company repaid and replaced all outstanding obligations with respect to, and terminated the commitments under, the 2024 Credit Agreement.

The 2025 Credit Agreement provides for a senior secured revolving credit facility (the “ Revolving Credit Facility”) in an initial committed amount of $132 million. The lenders include BMO BANK N. A., Valley National Bank, Wells Fargo Bank, National Association, Citizens Bank N. A., The Toronto-Dominion Bank, New York Branch, Texas Capital Bank, Israel Discount Bank Ltd and Canadian Imperial Bank of Commerce, New York Branch. The Revolving Credit Facility matures on October 2, 2028.

The Company may voluntarily prepay borrowings under the Revolving Credit Facility at any time and from time to time without premium or penalty. Such prepayments are subject to certain notice requirements and minimum amounts for partial prepayments. Prepayments of SOFR loans may also be subject to the payment of “breakage” costs.

Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to, at the Company’s option, (i) a base rate (determined based on the prime rate and subject to a 1.00% floor) plus a margin of 2.50% and (ii) an adjusted term SOFR (subject to a 1.00% floor) plus a margin of 3.50%. A commitment fee accrues on any unused portion of the commitments under the Revolving Credit Facility at a rate per annum of 0.25% and is payable quarterly in arrears.

The Company’s obligations under the 2025 Credit