04:50 AM EDT, 07/29/2025 (MT Newswires) -- Pagaya Technologies ( PGY ) said late Monday it closed an upsized offering of $500 million of 8.875% senior unsecured notes due 2030.

Net proceeds will be used to fund debt repayments, the company said.

The deal is expected to lower the company's cost of debt by nearly 200 basis points and is anticipated to generate annual cash flow savings of about $40 million.

The offering was five times oversubscribed, Pagaya ( PGY ) said.