Pagaya Technologies Ltd. - PGY STOCK NEWS

Pagaya Technologies (NASDAQ: PGY) announced the pricing of a $140 million offering of exchangeable senior notes due 2029 through its subsidiary, Pagaya US Holding Company The offering, upsized from the initial $125 million, is set to settle on October 1, 2024. The notes will have a 6.125% annual interest rate and an initial exchange price of $13.99 per Class A ordinary share, representing a 45% premium over the current share price.

The company plans to use the proceeds primarily to repay higher-cost debt facilities and reduce interest expenses. The notes will be exchangeable under certain conditions and redeemable by Pagaya US from October 5, 2027. This private offering is made to qualified institutional buyers under Rule 144A of the Securities Act.

Pagaya Technologies (NASDAQ: PGY) has announced that its subsidiary, Pagaya US Holding Company , plans to offer $125 million in exchangeable senior notes due 2029. The private offering is aimed at qualified institutional buyers under Rule 144A of the Securities Act. The notes will be senior, unsecured obligations of Pagaya US, with interest payable semi-annually and maturity on October 1, 2029. They will be exchangeable for cash, Pagaya's Class A ordinary shares, or a combination of both, subject to certain conditions.

The notes will be fully guaranteed by Pagaya and redeemable from October 5, 2027. Pagaya US intends to use the net proceeds to repay secured borrowing under its repurchase agreements and for general corporate purposes. The initial purchasers may be granted an option to buy up to an additional $18.75 million in notes. The offer and sale of the notes are not registered under the Securities Act and can only be sold under exemption from registration requirements.

Pagaya Technologies (NASDAQ: PGY) has successfully closed PAID 2024-9, a $500 million consumer loan Asset-Backed Securitization (ABS) deal. This marks the company's second AAA-rated ABS of 2024, bringing the total raised across all transactions this year to $4.4 billion. The deal attracted 21 unique investors, mostly repeat participants, and was oversubscribed, indicating strong demand for Pagaya's AI-enabled consumer credit assets.

Pagaya remains the #1 ABS issuer of personal loans in the U.S., having raised over $24 billion across 59 ABS transactions since 2018. The company's COO and CCO, Ralph L. Leung, highlighted that this deal was executed at the lowest cost of capital since 2022, with one of Pagaya's lowest risk retention levels in the past 18 months, reflecting the company's increasing scale and efficiency as an issuer.

Pagaya Technologies (NASDAQ: PGY) has appointed Josh Fagen as Head of Investor Relations and COO of Finance. With over 25 years of experience in financial services and investor relations, Fagen joins Pagaya from SoFi, where he served as VP/Head of Investor Relations and Competitive Research & Strategy. In his new role, Fagen will oversee investor and analyst relations, finance team operations, and lead the company's engagement with the equity investor community.

Fagen's appointment aims to expand Pagaya's investor relations capabilities and highlight the company's strong financial performance. His experience includes roles at Citadel, Goldman Sachs, and UBS, specializing in media, telecom, and technology sectors. Jency John, the current VP of Investor Relations, will transition to a new leadership position as VP of Commercial Finance.

Pagaya Technologies (NASDAQ: PGY), an AI-driven financial technology company, has appointed Rajinder (Raj) Singh as Chief Risk Officer. With over 25 years of experience in global banking and financial services, Singh will oversee all aspects of risk management for Pagaya. His expertise includes deep regulatory experience and a proven track record across multiple asset classes.

Prior to joining Pagaya, Singh served as Chief Risk Officer for NewRez/Caliber Home Loans, managing risk for a $600 billion mortgage servicing rights portfolio and $130 billion annual mortgage originations. He has also held senior leadership roles at Citigroup, U.S. Bank, Genworth Financial, Ally Financial, and G.E. Capital.

Pagaya recently reported strong Q2 2024 results, with $2.3 billion in network volume and a record $50 million in adjusted EBITDA. The company's network now includes 31 lending partners and 120 institutional investors.

Pagaya Technologies (PGY), an AI-driven financial technology company, has announced its participation in several upcoming investor conferences in September 2024. The management team will attend five events:

1. Benchmark 2024 Tech, Media & Telecom Conference on September 5 in New York, NY
2. Barclays 22nd Annual Global Financial Services Conference on September 11 in New York, NY
3. B. Riley Securities 2024 Consumer & TMT Conference on September 12 in New York, NY
4. Autonomous 9th Annual Future of Commerce Symposium on September 13 (Virtual)
5. UBS East Coast Payments & FinTech Discussion on September 26 in New York, NY

Webcast replays from select presentations will be available on Pagaya's investor relations website for a time.

Pagaya Technologies (NASDAQ: PGY) reported record financial results for Q2 and H1 2024, exceeding expectations. Highlights include:

- Network volume of $2.3 billion, up 19% YoY
- Record total revenue of $250 million, up 28% YoY
- Record FRLPC of $97 million, up 49% YoY
- Record adjusted EBITDA of $50 million
- Positive GAAP operating income for 4th consecutive quarter
- Positive adjusted net income for 5th consecutive quarter

The company expanded partnerships, including a new top 5 bank and OneMain Financial. Pagaya also achieved a $1 billion forward flow agreement and its first AAA rating on personal loan ABS program. The company raised its full-year 2024 outlook, expecting total revenue between $975 million and $1,050 million.

Pagaya Technologies (NASDAQ: PGY) and Castlelake, L.P. have announced a forward flow agreement for Castlelake to purchase up to $1 billion in consumer loans originated on the Pagaya network. The agreement has an initial 12-month term with potential for extension. This transaction diversifies Pagaya's funding sources and enhances capital efficiency, aligning with the company's financial strategy.

Key points:

• Castlelake will acquire loans on a monthly basis
• The agreement expands Pagaya's funding capacity
• It adds a strategic partner to Pagaya's network of over 120 institutional investors
• This funding mechanism allows Pagaya to fund loan originations with minimal use of its own capital
• Pagaya aims to scale this initiative and diversify funding channels beyond its pre-funded ABS program

Pagaya Technologies (NASDAQ: PGY) and OneMain Financial (NYSE: OMF) have announced a new partnership to expand credit access for auto finance customers. OneMain will utilize Pagaya's AI-driven lending technology to serve customers outside its existing credit criteria. This collaboration aims to broaden OneMain's ability to provide auto loans to qualified borrowers.

Sanjiv Das, President of Pagaya Technologies, expressed enthusiasm for the partnership, highlighting their commitment to helping large lenders increase financial opportunities for customers. Micah Conrad, COO of OneMain, emphasized that the partnership will enable them to continue serving hardworking Americans by expanding access to auto loans. Both companies are exploring the possibility of expanding their collaboration into a broader enterprise agreement.