Bloomberg is reporting that Peloton has hired JPMorgan Chase & Co. to help raise $850 million through a new loan sale intended to refinance its existing debt.
Potential investors are being informally contacted by The US bank about the loan sale. Official syndications of the loan are set to officially launch on Monday.
Reports are that the bank is suggesting a new loan will have a 6.5 percent margin over Secured Overnight Financing Rate, according to the people. However, the exact terms of the financing, including its expected amount of $850 million are still preliminary and may change before it becomes official.
In response to the report, Peloton gave a statement to Bloomberg that:
the company is making progress on its refinancing strategy in close collaboration with its lead banks and financial advisor and continues “to be encouraged by the support and inbound interest we’ve received.
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