By Ben Glickman
Peloton Interactive said Monday it had refinanced its debt, gaining access to nearly $1.4 billion in credit.
The exercise-bike maker plans to offer $275 million in convertible senior notes due 2029 in a private offering. The company will also enter a $1 billion five-year term loan facility and a $100 million five-year revolving credit facility.
Peloton expects to use proceeds, along with cash on hand, to buy back about $800 million in convertible senior notes due 2026, as well as refinancing existing debt.
The company said it expects to offer the note buyers a 13-day option to purchase up to an additional $41.3 million aggregate principal amount of notes.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
05-20-24 1648ET