SoFi to exchange $600 million of convertibles due 2026 for stock

Chicago, March 5 – SoFi Technologies Inc. entered into exchange agreements with a limited number of holders of its 0% convertible senior notes due 2026, according to a press release.

The company will be exchanging $600 million of the notes for approximately 61,713,287 shares of SoFi common stock.

The agreements were signed March 4 and are based on separate, privately negotiated transactions.

The final amount of common stock exchanged will be based on a daily volume-weighted average price per share over a specified period and is expected to be adjusted.

Holders who receive the shares may sell them in the open market to unwind any hedge positions they may have in respect of the notes.

SoFi is a San Francisco-based financial technology company.

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