SoFi issuing $750mm in new debt

Fintech company SoFi is adding to its $5 billion in debt by issuing $750 million more in convertible notes. The stock is taking a 15% haircut on the news that by 2029 there might be further dilution of the stock due to these notes.

The company recently had a profitable quarter and with interest rates high, we are left wondering why they are feeling light on cash.