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SoFi Technologies (SOFI) just unveiled an update.
SoFi Technologies, Inc. has completed significant financial maneuvers by exchanging $600 million of its 0% Convertible Senior Notes due in 2026 for company stock and issuing 1.25% convertible notes due in 2029. These strategic exchanges are set to bolster the company’s total risk-based capital ratio by over 200 basis points, improve its GAAP net income for the first quarter of 2024, and enhance tangible book value by 8-10%. Additionally, SoFi anticipates saving $40 to $60 million annually in interest and dividends by using the new notes proceeds to pay down more expensive debt, including high-cost redeemable preferred stock.
For an in-depth examination of SOFI stock, go to TipRanks’ Stock Analysis page.