Upstart falls after unveiling $500 million convertible bonds offering

Consumer lender Upstart's UPST.O shares fall 5.9% to $64.74 premarket

UPST announces private offering of $500 million of convertible bonds due 2032

Proceeds will be used to repurchase a portion of its convertible bonds due 2026 and to pay cost of capped calls, derivative transactions to offset dilution

UPST has 96.2 million outstanding shares for $6.6 billion market cap

6 of 15 brokerages rate the stock "buy" or higher, 8 "hold" and 1 "sell"; median PT $82 - data compiled by LSEG

As of last close, UPST stock up 11.7% YTD