SoFi exchanges $600M zero-coupon notes for equity; issues new 1.25% notes due 2029

SoFi Technologies, Inc.

Exchanged $600M of 0% convertible notes due 2026 for 72.6M shares of common stock, settled March 25-26, 2024.
Pro forma total risk-based capital ratio increased from 15.3% to >17.3% (200+ bps) based on Q4 2023 data.
Exchange expected to be accretive to GAAP net income in Q1 2024 with negligible EPS impact; accretive to tangible book value per share by 8-10%.
Issued 1.25% convertible senior notes due 2029 and entered capped call transactions; proceeds to reduce higher-cost instruments.
Annual interest and dividend expense savings of $40M-$60M from paying down 12.5% Series 1 Redeemable Preferred Stock.

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