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Coinbase gives early results in capped offer to buy 3 5/8% notes due 2031, amends offer price
By Mary-Katherine Stinson
Lexington, Ky., Aug. 21 – Coinbase Global, Inc. announced the early tender results and also announced an increase in the total consideration and the tender consideration for its 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 an 8-K filing with the Securities and Exchange Commission.
As of the early tender time of 5 p.m. ET on Aug. 18, $50,034,000 of the notes were tendered and are expected to be accepted for purchase. It is expected that the company will pay a total of $34,483,329, which includes interest, representing an amended purchase price of $675 per $1,000 principal amount of notes.
The increase in the consideration eliminates the early tender premium and will apply to all notes tendered through the expiration of the offer.
As previously reported, the original consideration was $645 per $1,000 principal amount, which included an early tender premium of $30 per $1,000 principal amount. At the launch of the offer, it was announced that holders tendering after the early deadline would only be eligible to receive the tender consideration of $615 per $1,000 principal amount, though that is no longer relevant.
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 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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