Company: PGYWW
Filing Date: 2025-07-28
Form Type: 8-K
Source: 0001883085-25-000157
Chunk: 0

Company: Pagaya Technologies Ltd.
Filing Date: 2025-07-28
Form: 8-K
Item: Item 1.01
Chunk 0
---
Item 1.01 Entry into a Material Definitive Agreement.

Indenture and Notes

On July 28, 2025, Pagaya US Holding Company LLC (“ Pagaya US”), a wholly-owned subsidiary of Pagaya Technologies Ltd. (the “ Company”), issued $500 million aggregate principal amount of its 8.875% Senior Notes due 2030 (the “ Notes”) in connection with the purchase agreement dated July 23, 2025 with Wells Fargo Securities LLC as representative of the initial purchasers.

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

The Notes were issued pursuant to an Indenture dated July 28, 2025 (the “ Indenture”), among Pagaya US, the Company, certain of the Company’s subsidiaries named in the Indenture (the “ Subsidiary Guarantors” and, together with the Company, the “ Guarantors”) and U. S. Bank Trust Company, National Association, as trustee (the “ Trustee”). The Notes bear interest from July 28, 2025 at a rate of 8.875% per annum, payable semiannually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026. The Notes will mature on August 1, 2030 (the “maturity date”), unless earlier repurchased or redeemed.

The Notes are fully and unconditionally guaranteed (the “note guarantees”), on a senior, unsecured basis, by the Guarantors. The Notes were offered in the United States and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, that are also qualified purchasers, as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended, and the rules thereunder, and are 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 Notes and the note guarantees are general unsecured senior obligations of Pagaya US and the Guarantors, respectively.

The Notes will be redeemable at the option of Pagaya US. At any time prior to August 1, 2027, Pagaya