On March 5, 2024, SoFi Technologies, Inc. announced the pricing of a private offering of $750 million in convertible senior notes due in 2029, with an option for initial purchasers to buy an additional $112.5 million in notes. The offering, limited to qualified institutional buyers, is set to close on March 8, 2024, subject to standard closing conditions. The notes will bear interest at 1.25% per annum and mature on March 15, 2029, with the initial conversion rate set at 105.8089 shares of SoFi common stock per $1,000 principal amount of notes. SoFi also entered into capped call transactions to reduce potential dilution upon conversion of the notes. The net proceeds, estimated at $735 million or $845.3 million if the additional notes are purchased, will be used to fund the capped call transactions, redeem...Show More

On March 5, 2024, SoFi Technologies, Inc. announced the pricing of a private offering of $750 million in convertible senior notes due in 2029, with an option for initial purchasers to buy an additional $112.5 million in notes. The offering, limited to qualified institutional buyers, is set to close on March 8, 2024, subject to standard closing conditions. The notes will bear interest at 1.25% per annum and mature on March 15, 2029, with the initial conversion rate set at 105.8089 shares of SoFi common stock per $1,000 principal amount of notes. SoFi also entered into capped call transactions to reduce potential dilution upon conversion of the notes. The net proceeds, estimated at $735 million or $845.3 million if the additional notes are purchased, will be used to fund the capped call transactions, redeem Series 1 Preferred Stock, and for general corporate purposes, including repaying higher cost debt. Concurrently, SoFi has engaged in privately negotiated transactions to exchange $600 million of its 2026 notes for common stock, which may affect the trading price of SoFi's common stock and the new notes. The notes and any shares of common stock issuable upon conversion have not been registered under the Securities Act and are subject to restrictions on transferability and resale.