SoFi announces $750M convertible notes offering due 2029; exchanges $600M of 2026 notes

SoFi Technologies, Inc.

$750M convertible senior notes due 2029 offered privately; underwriters granted option for additional $112.5M.
Exchanged $600M of existing 0% convertible notes due 2026 for ~61.7M shares of common stock prior to offering.
Pro forma capital ratio would increase >200 bps from 15.3% to >17.3%; expected accretive to Q1 2024 GAAP net income.
Proceeds to fund capped call transactions, redeem 12.5% Series 1 Preferred Stock, and for general corporate purposes.
Notes will be unsecured, mature Mar 15, 2029; interest rate and conversion terms to be set at pricing.

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