Upstart falls after upsized $600 million convertible bonds offering

Consumer lender Upstart's UPST.O shares down 0.5% at $63.17 premarket

UPST announces pricing of upsized offering of zero coupon $600 million convertible bonds due 2032

Stock closed down 7.7% at $63.46 on Monday after UPST unveiled the offering

Offering boosted from previously announced size of $500 million

Initial conversion price of $82.50 apiece represents roughly 30% premium to the last reported sale price

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

Six 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 shares up 3.1% YTD