Upstart Holdings announced the pricing of $375,000,000 aggregate principal amount of Convertible Senior Notes due 2029 in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended. The aggregate principal amount of the offering was increased from the previously announced offering size of $300.0 million. The notes will be convertible at an initial conversion rate of 21.9029 shares of Upstart’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $45.66 per share, which represents a conversion premium of approximately 30.0% to the last reported sale price of $35.12 per share of Upstart’s common stock on The Nasdaq Global Select Market on September 16, 2024.
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