05:42 PM EDT, 09/25/2024 (MT Newswires) -- Pagaya Technologies ( PGY ) said late Wednesday its Pagaya US Holding Company unit is planning a $125 million private offering of exchangeable senior notes due October 1, 2029.

The company expects to grant initial purchasers an option to acquire up to an additional $18.75 million of notes.

Pagaya ( PGY ) said it plans to use the net proceeds to repay secured borrowing under its repurchase agreements, among other things.

The company's shares were down about 16% in after-hours activity.

Price: 10.45, Change: -2.00, Percent Change: -16.06