Coinbase offers to buy 3 5/8% notes due 2031 for up to $150 million

By Marisa Wong

Los Angeles, Aug. 7 – Coinbase Global, Inc. has begun an offer to purchase for cash up to $150 million in aggregate purchase price, excluding accrued interest, of its $1 billion outstanding 3 5/8% senior notes due 2031 (Cusip: 19260QAD9, U19328AB6), according to a press release.

Holders who tender their notes by the early tender time will be eligible to receive a total consideration of $645 per $1,000 principal amount, which includes an early tender premium of $30 per $1,000 principal amount.

Holders tendering after the early deadline will only be eligible to receive the tender consideration of $615 per $1,000 principal amount.

The company will also pay accrued interest.

Tenders may be subject to proration.

Notes tendered at or prior to the early tender time will have priority over notes tendered after the early deadline.

The early tender time is 5 p.m. ET on Aug. 18.

The tender offer will expire at 11:59 p.m. ET on Sept. 1.

Citigroup Global Markets Inc. (800 558-3745 and 212 723-6106) is dealer manager for the tender offer.

The tender and information agent is Global Bondholder Services Corp. (855 654-2015 or 212 430-3774).

Coinbase is a cryptocurrency exchange platform. It is a remote-first-company with no physical headquarters.

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