10:49 AM EST, 03/05/2024 (MT Newswires) -- SoFi Technologies ( SOFI ) said Tuesday that it intends to offer $750 million of convertible senior notes due 2029 in a private offering to institutional buyers.

The company said it will grant initial buyers a 13-day option to purchase up to an additional $112.5 million of notes.

Noteholders will have the right to convert their notes into cash in certain circumstances, and into common stock, if applicable, the company said.

SoFi said it expects to enter into capped call transactions with one or more of the initial buyers and to use part of the net proceeds of the offering to finance the cost of those transactions.

The remaining net proceeds will be used to redeem preferred stock and for general corporate purposes, the company said.

SoFi shares were down more than 10% in recent trading.

Price: 7.73, Change: -0.85, Percent Change: -9.91