Company: PGYWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001883085-25-000195
Chunk: 71

Company: Pagaya Technologies Ltd.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 prior to August 1, 2027, Pagaya US may, from time to time, redeem up to 40% of the aggregate principal amount of the Senior Notes with an amount of cash not greater than the net cash proceeds from certain equity offerings at the redemption price set forth in the Indenture, if not less than 50% of the aggregate principal amount of the notes remains outstanding immediately after such redemption and the redemption occurs within 180 days of the closing date of such equity offering.

48

On July 28, 2025, the Company fully repaid $332.1 million of outstanding principal of its term loan under the Credit Agreement, using the net proceeds from the issuance of Senior Notes. Additionally, subsequent to the issuance of Senior Notes, the Company repaid $153.9 million of secured borrowing as of September 30, 2025. These repayments reflect the Company’s ongoing strategy to optimize its capital structure by reducing higher-cost debt and extending debt maturities. As a result of these transactions, the Company recognized a loss of $25.0 million, related to the write-off of unamortized deferred issuance costs and an early payment penalty associated with the term loan. This loss is reflected in “Loss from extinguishment of debt” in the condensed consolidated statements of operations.

The following table summarizes the Company’s new borrowings, repayments, and outstanding balances for the term loan, secured borrowing, and Senior Notes as of September 30, 2025 ($ in thousands):

Unpaid Principal Balance as of June 30, 2025Weighted Average Interest Rate as of June 30, 2025New Borrowing(1)Repayments(3)Unpaid Principal Balance as of September 30, 2025Weighted Average Interest Rate as of September 30, 2025Term loan(2)$332,125 11.95%$— $(332,125)$— —%Secured borrowing(2)267,647 11.48%18,714 (153,920)132,441 9.67%Senior Notes(2)— —%500,000 — 500,000 8.875%Revolving credit facility(4)— SOFR plus 7.5%— — — SOFR plus 3.5%Total$599,772 $518,714 $(486,045)$632,441 

(1) Excluding under