08:22 AM EDT, 08/11/2025 (MT Newswires) -- Upstart (UPST) said Monday it intends to offer $500 million of convertible senior notes due 2032 in a private offering.

The company said it expects to grant initial buyers an option to purchase up to an additional $75 million of the notes within 13 days of the issuance.

Terms of the offering, including interest rate and initial conversion rate, will be determined when the offering is priced, Upstart said.

The company said it plans to use the net proceeds to fund capped call transactions and for general corporate purposes, including potentially repurchasing its outstanding 0.25% convertible senior notes due 2026.

Shares of the company were down more than 6% in recent premarket activity Monday.