Upstart Holdings, Inc.
Upstart Holdings Announces Issuance of $690 Million in Convertible Senior Notes
Summary
Upstart Holdings, Inc. announced the issuance of $690 million in aggregate principal amount of 0% Convertible Senior Notes due 2032, along with the concurrent repurchase of $232.6 million in aggregate principal amount of its 0.25% Convertible Senior Notes due 2026. The net proceeds from the offering, after expenses, were approximately $675.5 million, which the company intends to use for general corporate purposes, including potential future repurchases or retirements of existing debt. The notes are senior, unsecured obligations and will rank senior in right of payment to any of the company's indebtedness that is expressly subordinated in right of payment to the notes. The issuance and repurchase activities are detailed in the press release attached as Exhibit 99.1.
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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.
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