SoFi Technologies greenshoe exercise pushes offering to $1.2 billion

Chicago, Oct. 4 – SoFi Technologies Inc. announced that the initial purchasers of the company’s convertible bonds exercised their option to buy an additional $100 million of the notes, pursuant to the greenshoe option that was announced at pricing.

The option was exercised in full on Sept. 30, according to an 8-K filed with the Securities and Exchange Commission.

Net proceeds now stand at $1.176 billion.

The greenshoe had been downsized, as the initial sale of the notes was upsized, from $112.5 million.

As previously reported, SoFI sold an upsized $1.1 billion offering of five-year convertible notes after the market close on Wednesday at par with a coupon of 0% and an initial conversion premium of 40%, according to a company news release.

Pricing came at the rich end of price talk for a coupon of 0% to 0.5% and at the midpoint of talk for an initial conversion premium of 37.5% to 42.5%, according to a market source.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Allen & Co. LLC were bookrunners for the Rule 144A offering.

SoFi Technologies is a San Francisco-based online personal finance company.

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