Latham & Watkins Advises on Pagaya’s Upsized US$140 Million Exchangeable Senior Notes Offering

Pagaya Technologies LTD. (NASDAQ: PGY), a global technology company delivering AI-driven product solutions for the financial ecosystem, has announced that its wholly owned subsidiary, Pagaya US Holding Company LLC, priced its offering of US$140 million aggregate principal amount of exchangeable senior notes due 2029 in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The offering size was increased from the previously announced offering size of US$125 million aggregate principal amount of notes as a result of strong demand on the offering. The issuance and sale of the notes is scheduled to settle on October 1, 2024, subject to customary closing conditions. Pagaya US also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional US$20 million principal amount of notes.

Latham & Watkins LLP represents the initial purchasers in the offering with a capital markets team led by partners Stelios Saffos, Greg Rodgers, and Brittany Ruiz, with associates Ryan Gold, Andrew Bentz, and Jie Lin Nai. Advice was also provided on tax matters by partner Elena Romanova, with associate Shiyi Parsons.