September 30, 2021
SoFi Technologies, Inc., an online personal finance company, has announced that it priced its private offering of 0.00% convertible senior notes due 2026 and increased the aggregate principal amount of the offering to US$1.1 billion. The notes will be sold in a private offering only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. SoFi also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date notes are first issued, up to an additional US$100 million aggregate principal amount of notes. The issuance and sale of the notes is scheduled to settle on or about October 4, 2021, subject to customary closing conditions.
Latham & Watkins LLP represents the initial purchasers in the offering with a capital markets team led by Los Angeles/New York partner Greg Rodgers and New York partner Erika Weinberg, with New York associates Matthew DeSilva, Hui Zhu, and Ian Irlander. Along with Greg Rodgers, advice was provided on convertible debt matters by New York associates Andrew Blumenthal and Claire Solimine; on equity derivatives matters by New York partner Catherine Lee, with New York associates Marc Langer and Ariel Robbins-Rothman; on regulatory matters by New York partner Alan Avery and New York counsel Pia Naib; on tax matters by New York partner Bora Bozkurt, with New York associate Jacob Nagelberg; on sanctions matters by Washington, D.C. partner Eric Volkman, with Washington, D.C. associate Julie Choi Shin; and on data privacy and security matters Bay Area counsel Robert Blamires, with Bay Area associate Samantha Maerz-Boening.