June 23, 2024

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Peloton shares fall after refinancing

Peloton shares fall after refinancing

A pedestrian walks past a Peloton store in Palo Alto, California, on May 8, 2024.

Justin Sullivan | Getty Images

Shares of Peloton fell on Monday after the connected fitness company said it would launch a “global refinancing,” as it looks to avoid a cash crunch amid declining sales.

The company is offering $275 million of convertible senior notes due 2029 in a private offering and plans to enter into a five-year, $1 billion term loan and a $100 million revolving credit facility.