Posted 3/14/2024, 12:03:00 AM
Coinbase Prices $1.1 Billion Offering of Convertible Senior Notes to Repay Debt and Fund Operations
- Coinbase announced pricing of upsized $1.1 billion offering of 0.25% convertible senior notes due 2030
- Notes will mature on April 1, 2030, unless earlier repurchased, redeemed or converted
- Notes will be convertible into Coinbase Class A common stock at an initial conversion rate of 2.9981 shares per $1,000 principal amount
- Coinbase entered into privately negotiated capped call transactions to reduce potential dilution from note conversion
- Coinbase intends to use net proceeds to repay/repurchase existing debt and for general corporate purposes
