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Peloton Interactive, Inc. Announces Launch of Global Refinancing

PTON
  • Peloton Interactive, Inc. announced a private offering of $600.0 million in senior secured notes due 2032.
  • The company also proposed entering into a $200.0 million five-year revolving credit facility.
  • Net proceeds from the offering will be used to repay the outstanding balance of the existing $1.0 billion term loan facility.
  • The existing term loan facility will be terminated upon repayment of the outstanding term loans.
  • Remaining net proceeds may be used for general corporate purposes, including stock repurchases, capital expenditures, working capital, acquisitions, or other business opportunities.
  • The notes will be senior secured obligations with interest payable semi-annually in arrears, with specific rates to be determined at pricing.
  • The offering is restricted to qualified institutional buyers under Rule 144A and sales outside the United States under Regulation S.
  • The notes are not registered under the Securities Act of 1933 and may not be offered or sold in the United States except pursuant to an applicable exemption.
  • The closing of the note offering is not conditioned on the entry into the new revolving facility or the repayment of the existing term loan.
  • The press release includes forward-looking statements subject to risks such as market demand, supply chain disruptions, product safety, competition, and macroeconomic conditions.