Fintech Pagaya ticks up after exchangeable debt offering boosted

Pagaya Technologies

27/09/2024 12:54

** Shares of Pagaya Technologies Ltd  PGY.O  up 0.6%
premarket to $9.71 after co raises more capital than planned
    ** Israeli-based fintech late Thurs announced pricing $140
mln 6.125% 5-yr exchangeable notes offering
    ** Initial conversion price of $13.99 represents 45% premium
to stock's last sale of $9.65
    ** PGY tumbled 22.5% on Thurs after co launched $125 mln
offering to repay borrowing under its repurchase agreements, for
general purposes
    ** Co has ~$693 mln market cap, per LSEG
    ** Shares down ~42% YTD through Thurs
    ** 6 of 9 analysts rate PGY "strong buy" or "buy", rest
"hold" with $23 median PT

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))