03:25 AM EDT, 09/17/2024 (MT Newswires) -- Upstart Holdings ( UPST ) said Tuesday it priced a private placement to eligible purchasers of $375 million of 2% convertible senior notes due 2029.

The initial purchasers have been granted a 13-day option to purchase up to $56.3 million additional amount of notes.

The notes will be convertible at an initial rate of $45.66 per share.

Net proceeds, estimated to be about $365.9 million to $420.9 million, will be used to fund certain capped call transactions, the repurchase of $334.2 million of outstanding 0.25% convertible senior notes due 2026, and for general corporate purposes, the company said.

The offering has been upsized from $300 million previously.

Price: 35.18, Change: +0.06, Percent Change: +0.17