08:43 AM EDT, 09/16/2024 (MT Newswires) -- Upstart Holdings ( UPST ) said Monday it plans to offer $300 million in convertible senior notes due 2029 through a private placement.

Initial buyers would likely have an option to purchase up to an additional $45 million, the company said.

Certain net proceeds would likely be used to repurchase some of the company's outstanding 0.25% convertible senior notes due 2026, Upstart said, adding that it expects certain note holders to employ a convertible arbitrage strategy for the notes and take a short position with regard to its common stock.

The company's shares were down nearly 7.5% in recent Monday premarket activity.

Price: 35.19, Change: -2.84, Percent Change: -7.47