Coinbase said it priced its private offering of $1.1 billion of 0.25% convertible senior notes due 2030, with the notes maturing on March 13, 2024. The company said the offering size was increased from the previously announced $1.0 billion.

1. 01

   Coinbase said it priced its private offering of $1.1 billion of 0.25% convertible senior notes due 2030, with the notes maturing on March 13, 2024. The company said the offering size was increased from the previously announced $1.0 billion.

2. 02

   The company granted the initial purchasers a 30-day option to buy up to an additional $165.0 million of notes. It said it expects net proceeds of about $1.08 billion (or about $1.24 billion if the option is exercised in full). Settlement is scheduled for March 18, 2024.

3. 03

   The company said it plans to use the net proceeds to repay at maturity, or repurchase or redeem before maturity, its 0.50% Convertible Senior Notes due 2026, 3.375% Senior Notes due 2028 and 3.625% Senior Notes due 2031, and for general corporate purposes, including paying the cost of the capped call transactions.

4. 04

   The company said the initial conversion price of the notes is about $333.54 per share, a premium of about 32.5% over the last reported sale price of $251.73 on March 13, 2024. It said the initial cap price of the capped call transactions is about $503.46 per share.

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Original filing

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