SoFi Technologies’ $1.1 Billion Convertible Senior Notes Offering

Wachtell, Lipton, Rosen & Katz represented SoFi in the offering, while Latham & Watkins represented the initial purchasers.

SoFi Technologies, Inc. (NASDAQ: SOFI) priced its private offering of 0.00% convertible senior notes due 2026 and increased the aggregate principal amount of the offering to $1.1 billion. SoFi also granted the initial purchasers of the notes an option to purchase up to an additional $100 million aggregate principal amount of notes. 

The initial purchasers included Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Allen & Company LLC, Deutsche Bank Securities, Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Piper Sandler & Co., RBC Capital Markets, LLC, PJT Partners LP, Oppenheimer & Co. Inc. and Rosenblatt Securities Inc.

SoFi is an American online personal finance company. SoFi helps people achieve financial independence to realize their ambitions. Its products for borrowing, saving, spending, investing and protecting give their more than two million members fast access to tools to get their money right. 

Wachtell Lipton’s team was led by partners Raaj S. Narayan (Picture), Emily D. Johnson and Eric M. Feinstein and included Eric M. Feinstein, Associate, Sahand Moarefy, Associate, J. Heath Mayo, Associate (Corporate), Maggie M. Guidotti, Associate, Taylor G. Custer, Law Clerk (Finance), Joshua M. Holmes, Partner, and Olivia R. Coates, Law Clerk (Tax).

Latham & Watkins represented 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. 

Involved fees earner: Alan Avery – Latham & Watkins; Robert Blamires – Latham & Watkins; Andrew Blumenthal – Latham & Watkins; Bora Bozkurt – Latham & Watkins; Julie Choi Shin – Latham & Watkins; Matthew DeSilva – Latham & Watkins; Marc Langer – Latham & Watkins; Catherine Lee – Latham & Watkins; Samantha Maerz-Boening – Latham & Watkins; Pia Naib – Latham & Watkins; Ariel Esther Robbins-Rothman – Latham & Watkins; Gregory Rodgers – Latham & Watkins; Claire Solimine – Latham & Watkins; Eric Volkman – Latham & Watkins; Erika Weinberg – Latham & Watkins; Hui Zhu – Latham & Watkins; Eric Feinstein – Wachtell, Lipton, Rosen & Katz; Margaret Guidotti – Wachtell, Lipton, Rosen & Katz; Joshua Holmes – Wachtell, Lipton, Rosen & Katz; Emily Johnson – Wachtell, Lipton, Rosen & Katz; Heath Mayo – Wachtell, Lipton, Rosen & Katz; Sahand Moarefy – Wachtell, Lipton, Rosen & Katz; Raaj Narayan – Wachtell, Lipton, Rosen & Katz;

Law Firms: Latham & Watkins; Wachtell, Lipton, Rosen & Katz;

Clients: Allen & Company LLC; Citigroup Global Markets Ltd; Deutsche Bank Securities; Goldman Sachs & Co.; Mizuho Securities; Morgan Stanley; Oppenheimer & Co; Piper Sandler; PJT Partners; RBC Capital Markets; Rosenblatt Securities; Social Finance, Inc.;