Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 104

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 104
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other than Pagaya US) that is a guarantor under its existing credit agreement (collectively, the “Guarantors”). The Senior Notes and the related note guarantees will be senior unsecured obligations of Pagaya US and the Guarantors. 

The Senior Notes will be redeemable at the option of Pagaya US. At any time prior to August 1, 2027, Pagaya US may redeem the Senior Notes, in whole or in part, at its option at a redemption price equal to 100% of the principal amount of the Senior Notes plus a make-whole premium described in the Indenture, plus accrued and unpaid interest, if any, to, but not including, the 

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redemption date. On and after August 1, 2027, Pagaya US may redeem the Notes, in whole or in part, at the redemption prices set forth in the Indenture.

In addition, at any time 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.

The Company used the net proceeds from the Senior Notes to repay amounting to $332.1 million of outstanding principal of long-term debt on July 28, 2025. Additionally, the Company has repaid $58.1 million of secured borrowing as of August 7, 2025 and has indicated its intention to repay additional secured borrowings. As a result of these transactions, the Company has incurred a loss of $24 million, related to the write-off of deferred issuance costs and early payment penalty associated with the long-term debt. The new borrowings, repayments and pro-forma balances of long-term debt, secured borrowings and Senior Notes, as of the date of August 7, 2025 were as follows ($ in thousands):

June 30, 2025Weighted Average Interest Rate(1)New Borrowing(2)RepaymentsPro-formaAs ReportedLong-term debt(3)$332,125 11.95%$— $(332,125)$— Secured borrowing(3)267,647