SoFi Technologies, Inc. (SOFI): debt financing — SoFi closes $862.5M convertible notes offering at 1.25%, exchanges $600M of 2026 notes

SoFi Technologies, Inc.

Issued $862.5M in 1.25% convertible senior notes due 2029; net proceeds ~$845.3M.
Initial conversion price ~$9.45 per share (conversion rate 105.8089 shares per $1,000 note).
Exchanged $600M of existing 0% 2026 notes for ~61.7M shares of common stock.
Entered capped call transactions with initial cap price $14.54 to offset dilution.
Capped call counterparties may unwind hedges, impacting stock price.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SoFi Technologies, Inc. incurred convertible notes of $862.5 million with U.S. Bank Trust Company, National Association at 1.25% maturing March 15, 2029.

Instrument: convertible notes
Principal: $862.5 million
Counterparty: U.S. Bank Trust Company, National Association
Rate: 1.25%
Maturity: March 15, 2029
Event: incurrence

Exact text from the filing

On March 8, 2024, SoFi Technologies, Inc. (“SoFi” or the “Company”) closed its previously announced private offering of convertible senior notes due 2029 (the “notes”) in an aggregate principal amount of $862.5 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SoFi Technologies, Inc. entered into Indenture with U.S. Bank Trust Company, National Association (effective 2024-03-08).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Effective: 2024-03-08

Exact text from the filing

The notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of March 8, 2024, between the Company and U.S. Bank Trust Company, National Association, as trustee

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299 debt financings filed in the last 30 days. Browse all debt financings →

SoFi Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001818874-24-000045

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