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SoFi talks $750 million five-year convertible notes to yield 0%-0.5%, up 37.5%-42.5%
By Abigail W. Adams
Portland, Me., Sept. 29 – SoFi Technologies Inc. plans to price $750 million of five-year convertible notes after the market close on Wednesday with price talk for a coupon of 0% to 0.5% and an initial conversion premium of 37.5% to 42.5%, according to a market source.
Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC are bookrunners for the Rule 144A offering, which carries a greenshoe of $112.5 million.
The notes are non-callable until Oct. 15, 2024 and then are subject to a 130% hurdle.
They will be settled in cash, shares or a combination of both at the company’s option.
In connection with the offering, the company will enter into capped call transactions.
Proceeds will be used to cover the call spread and for general corporate purposes.
SoFi Technologies is a San Francisco-based online personal finance company.
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