Upstart Holdings, Inc. (UPST) announced on Monday its plan to offer $300 million in Convertible Senior Notes maturing in 2029 through a private placement aimed at qualified institutional buyers.
The company also anticipates providing the initial purchasers with an option for an additional $45 million in notes.
These notes will mature on October 1, 2029, and can be converted into cash, common stock of Upstart, or a combination of both.
Upstart intends to use the funds raised to cover the costs of capped call transactions, which are meant to offset the potential dilution of its common stock that could arise from the conversion of notes, as well as to reduce cash payments. Additionally, the proceeds will be used to buy back part of its existing 0.25% Convertible Senior Notes maturing in 2026 and for other general corporate purposes.
In pre-market activity on the Nasdaq, the shares are trading at $35.89, down 5.63%.
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