Upstart Holdings, Inc. announced its intention to offer $500 million in aggregate principal amount of Convertible Senior Notes due 2032 in a private offering. The company also expects to grant initial purchasers an option to buy an additional $75 million of these notes.
These notes will be senior, unsecured obligations of Upstart, maturing on February 15, 2032, unless converted, repurchased, or redeemed earlier. The interest rate and initial conversion rate will be determined at the time of pricing.
Upstart intends to use a portion of the net proceeds to pay for capped call transactions and may use another portion to repurchase its outstanding 0.25% Convertible Senior Notes due 2026. The remaining proceeds are designated for general corporate purposes, including debt repayment.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.