04:55 AM EST, 03/06/2024 (MT Newswires) -- SoFi Technologies ( SOFI ) said late Tuesday it priced a private placement to eligible purchasers of $750 million of 1.25% convertible senior notes due 2029.

The initial purchasers have been granted an option to purchase, for settlement within a 13-day period, up to $112.5 million of additional notes.

The notes will be convertible at an initial rate of about $9.45 per share.

Net proceeds, estimated to be about $735 million to $845.3 million, will be used to fund certain capped call transactions, offering costs and related transaction costs, the redemption of its 12.5% series 1 preferred stock, and for general corporate purposes, the company said.

Settlement of the notes is expected to occur around Friday.