Peloton Sells $1 Billion Loan After Tightening Price (1)

Peloton Interactive Inc. sold $1 billion in loans Thursday, securing more favorable terms after the deal gained traction among investors.

The loan sold for 99 cents on the dollar after earlier discussions in the range of 98 to 98.5 cents, according to a person familiar with the matter. The adjustment means lenders will get a lower all-in yield than was initially floated.

Read more: Peloton Begins Sale of $1 Billion Loan That May Yield 11.5%

The deal closed with the inclusion of a 50 basis point stepdown clause that will result in a lower interest rate if the company’s leverage ...