Upstart Holdings, Inc.
Upstart Holdings Announces Issuance of $431.25 Million Convertible Senior Notes
Summary
On September 16, 2024, Upstart Holdings, Inc. issued $431.25 million in aggregate principal amount of its 2.00% Convertible Senior Notes due 2029, which can be converted into the company's common stock at an initial conversion price of approximately $45.66 per share. The notes bear interest at a rate of 2.00% per annum, payable semiannually. The Company used approximately $40.9 million of the net proceeds from the offering to pay the cost of capped call transactions and approximately $302.5 million for the repurchase of 0.25% Convertible Senior Notes due 2026. The remaining net proceeds will be used for general corporate purposes.
Get alerts for UPST
Be first to know when Upstart Holdings, Inc. files with the SEC.
Filing Categories
Exhibits (4)
About Upstart Holdings, Inc.
Upstart Holdings, Inc. is a financial technology company that operates an artificial intelligence (AI)-driven lending platform. This platform’s primary function is to assess and automate the borrowing process, thereby enhancing the efficiency and accessibility of personal loans. By leveraging a sophisticated AI model, Upstart aims to provide a more accurate assessment of a borrower’s creditworthiness compared to traditional credit scoring methods. This approach allows for broader criteria in the underwriting process, which can lead to improved access to credit for individuals who might otherwise be overlooked. Upstart partners primarily with banks and credit unions, facilitating loans that often come with competitive rates due to the company’s innovative risk assessment capabilities. Headquartered in San Mateo, California, and founded in 2012, Upstart Holdings plays a significant role in the fintech industry by bridging the gap between consumers in need of loan products and financial institutions seeking to optimize their lending processes. Its platform highlights the potential for AI to transform financial services, impacting a range of sectors from consumer finance to banking infrastructure.
Official SEC Documents