NasdaqCM:PGYSoftware
Should Pagaya Technologies' (PGY) $500 Million Debt Refinancing Prompt a Rethink by Investors?
Pagaya Technologies recently closed an upsized US$500 million offering of 8.875% senior unsecured notes due 2030, using proceeds mainly to refinance costlier debt and securing all three major credit ratings.
This marked the company as one of the first fintechs to access high-yield unsecured debt markets, with the transaction very heavily oversubscribed by leading institutional investors and expected to generate around US$40 million in annualized cash flow savings.
We'll examine how the...