SOFI - SoFi Technologies Stock Is Sliding Tuesday: What's Going On? | Benzinga
SoFi Technologies Inc (NASDAQ:SOFI) shares are trading lower Tuesday after the company announced a proposed convertible senior notes offering.
What Happened: SoFi announced that it intends to offer $750 million worth of convertible senior notes due 2029 in a private offering to qualified institutional buyers. The company also plans to grant the initial purchasers a 13-day window to purchase up to an additional $112.5 million of the notes.
SoFi said it intends to use a portion of the net proceeds from the offering to fund the cost of entering into capped call transactions. The company expects to use the remainder of the proceeds together with cash on hand to pay fees, costs and expenses related to this offering and to redeem its 12.5% Series 1 Preferred Stock, as well ...