May 20 (Reuters) - Peloton Interactive ( PTON ) said on

Monday it will sell $275 million of convertible notes due 2029

as the fitness equipment maker looks to refinance its debt and

return to growth after 13 straight quarters of losses.

Shares of Peloton were down 11.9% after the bell.

The company intends to use the net proceeds from the sale of

the notes and the new credit facilities to repurchase about $800

million of its convertible senior notes due 2026 and to

refinance its existing term loan.

The company has also entered into a $1 billion five-year

term loan facility and a $100 million five-year revolving credit

facility.

This comes weeks after a report that a number of private

equity firms have been considering a buyout of Peloton.

Earlier this month, Peloton CEO Barry McCarthy, who was

tasked in early 2022 to stem the slide in sales from the

pandemic highs, quit as the company announced job cuts to reduce

costs after posting weak results.