Peloton announces offering of $275M convertible senior notes

Peloton Interactive announced that it intends to launch a global refinancing, pursuant to which it will offer $275M aggregate principal amount of convertible senior notes due 2029 in a private offering and enter into a $1B five-year term loan facility and a $100M five-year revolving credit facility. Peloton intends to use the net proceeds of the offering of the notes and the new credit facilities, together with cash on hand, to repurchase approximately $800M of its 0.00% convertible senior notes due 2026, to refinance its existing term loan and revolving credit facilities and to pay fees and expenses related thereto.