Upstart Holdings, Inc. (UPST), a lending platform, said on Tuesday that it has priced $375 million private offering of convertible senior notes due 2029.
Upstart intends to use the net proceeds to pay the cost of the capped call transactions, repurchase of around $334.2 million principal amount of its 0.25 percent convertibles senior notes due 2026, and general corporate purposes.
The aggregate the offering amount was increased from the previously announced $300 million.
The company has granted the initial purchasers of the notes an option to purchase up to an additional $56.250 million principal amount of the notes.
The sale of the notes to the initial purchasers is expected to be settled on September 19.
Upstart estimates that the net proceeds from the offering will be around $365.9 million, or approximately $420.9 million, if the initial purchasers exercise their option to purchase additional notes in full.
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