Company: PGYWW
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001883085-25-000082
Chunk: 13

Company: Pagaya Technologies Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 Facility to $355 million. The Company also increased an aggregate principal amount of the Revolving Credit Facility of $15 million, bringing the total principal amount of the Revolving Credit Facility to $50 million. In February 2025, the Company further increased the aggregate principal amount of the Revolving Credit Facility by $8 million, resulting in a total principal amount of $58 million.No amortization payments are required to be made in respect of borrowings under the Revolving Credit Facility. Amortization payments are required to be made in respect of the term loans under the Term Loan Facility in amount of 1.25% per quarter of the original principal amount of the term loans under the Term Loan Facility.Borrowings under the Facilities 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 2.00% floor) plus a margin of 6.50% or (ii) an adjusted term Secured Overnight Financing Rate (subject to a 1.00% floor) plus a margin of 7.50%. 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. Accrued interest of $2.5 million and $2.8 million was recorded within accrued expenses and other liabilities on the consolidated balance sheet as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025, the Company had an outstanding balance of $317.9 million, which is recorded within long-term debt on the unaudited condensed consolidated balance sheet, and its aggregate future maturities consists of the following (in thousands): 

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March 31, 20252025$13,313 202617,750 202717,750 202817,750 2029270,000 Total336,563 Debt issuance costs(18,644)Total long-term debt, net of debt issuance costs$317,919 As of March 31, 2025, the Company had letters of credit issued in the amount of $24.7 million, and $33.3 million of remaining capacity available under the Revolving Credit Facility. As of December 31, 2024, the Company had letters of credit issued in the amount of