Big Law

Peloton Refinances Debt With the Sale of a $1 Billion Loan

Peloton Interactive Inc. kicked off the sale of a new loan as it works to refinance existing debt and recover from a recent slump in sales.

The fitness company, known for its pricey stationary bikes and treadmills, launched a $1 billion leveraged loan offering Monday, according to a person familiar with the matter. The proceeds will refinance a term loan due 2027 and repurchase some convertible notes due 2026.

Early pricing discussions call for the loan to carry interest at 600 basis points over the Secured Overnight Financing Rate and comes at a discount of 98 cents to 98.5 cents on the dollar, the person said.

Read more at Yahoo! Finance

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