Peloton shares drop after it announces refinancing to stave off cash crunch

Peloton shares plunged on Monday after the connected fitness company said it's launching a "global refinancing," as it looks to stave off a cash crunch amid falling sales. The company is offering $275 million in convertible senior notes due 2029 in a private offering and plans to enter into a $1 billion five-year term loan and $100 million revolving credit facility. Peloton plans to use the proceeds to buy back about $800 million of its 0% convertible senior notes, which are currently due in 2026, and refin ...