Benzinga | Sep 29, 2021 01:27PM EDT

Why SoFi Technologies' Stock Is Trading Lower Today

SoFi Technologies, Inc. (NASDAQ:SOFI) shares are trading lower after the company announced a $750 million senior notes offering.

The notes will be unsecured, unsubordinated obligations of SoFi, will accrue interest payable semi-annually in arrears and will mature on October 15, 2026, unless earlier repurchased, redeemed or converted.

Noteholders will have the right to convert their notes in certain circumstances and during specified periods.

SoFi, a finance company, operates an online platform that provides financial services. It offers student loan refinancing, private student loans, personal loans, auto loan refinance, home loans, mortgage loans, and investments.

SoFi's stock was trading about 4.9% lower at $16.21 per share on Wednesday at the time of publication.