(Reuters) - Peloton Interactive said on Monday it will sell $275 million of convertible notes due 2029 as the fitness equipment maker looks to refinance its debt and return to growth after 13 straight quarters of losses.

Shares of Peloton were down 11.9% after the bell.

The company intends to use the net proceeds from the sale of the notes and the new credit facilities to repurchase about $800 million of its convertible senior notes due 2026 and to refinance its existing term loan.

The company has also entered into a $1 billion five-year term loan facility and a $100 million five-year revolving credit facility.

This comes weeks after a report that a number of private equity firms have been considering a buyout of Peloton.

Earlier this month, Peloton CEO Barry McCarthy, who was tasked in early 2022 to stem the slide in sales from the pandemic highs, quit as the company announced job cuts to reduce costs after posting weak results.

(Reporting by Kannaki Deka in Bengaluru; Editing by Shailesh Kuber)