Peloton to launch global refinancing

Peloton Interactive announced that it intends to launch a global refinancing, pursuant to which it will offer $275.0M aggregate principal amount of convertible senior notes due 2029 in a private offering and enter into a $1.0B five-year term loan facility and a $100.0M five-year revolving credit facility. Peloton also expects to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $41.3M aggregate principal amount of the notes. 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 $800.0M 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. The closing of the offering, the entry into the new credit facilities and the repurchase of the Existing Notes are not cross-conditioned upon each other, except the entry into the new credit facilities is conditioned upon the repurchase of at least $800.0M aggregate principal amount of the Existing Notes. The notes will be senior, unsecured obligations of Peloton, and will bear interest payable semi-annually in arrears.