05:33 AM EDT, 08/12/2025 (MT Newswires) -- Upstart (UPST) said Tuesday it has priced a private offering of $600 million of its 0% convertible senior notes due 2032 to qualified institutional investors, upsizing the sale from $500 million.

The notes will be convertible at an initial conversion rate of 12.1215 common shares per $1,000 of the notes, which is equivalent to an initial conversion price of about $82.50 per share.

The company granted initial purchasers a 13-day option to purchase up to an additional $90 million of the notes.

Upstart intends to use about $224.4 million of the proceeds to repurchase for cash about $232.6 million of its 0.25% convertible senior notes due 2026 in privately negotiated transactions. It intends to use the remaining funds for general corporate purposes, including $48 million to pay for capped call transactions.

The sale to the initial purchasers is expected to settle on Thursday.