Coinbase Global, Inc. has announced the conclusion of its cash tender offer for its 3.625% Senior Notes due 2031. The offer, which aimed to purchase up to $180.0 million of the notes, excluding accrued and unpaid interest, expired at 11:59 p.m., New York City time, on September 18, 2023.
Coinbase, established in 2012, has been at the forefront of building the cryptoeconomy, aiming to create a more transparent, efficient, and accessible financial system through cryptocurrency.
The company has stated its intention to finalize payments for all validly tendered notes by September 20, 2023. This follows the conditions outlined in Coinbase’s offer to purchase, dated August 7, 2023.
By 5:00 p.m., New York City time, on August 18, 2023, holders had tendered $50,034,000 of the notes. On August 22, 2023, Coinbase accepted this amount for purchase. By the Interim Expiration Time on September 1, 2023, an additional $211,062,000 of the notes were tendered. Consequently, on September 6, 2023, Coinbase accepted this aggregate principal amount.
Data from the Global Bondholder Services Corporation, the tender and information agent for the offer, indicates that an additional $1,447,000 of the notes were tendered by the Final Expiration Time. This brings the total tendered amount in the offer to $262,543,000. Holders who tendered their notes by the Final Expiration Time are set to receive $675.00 per $1,000 principal amount of notes accepted.
A breakdown of the tender offer is as follows:
| Issuer | Coinbase Global, Inc. |
| Title of Security | 3.625% Senior Notes Due 2031 |
| CUSIP Number/ ISIN | 44A CUSIP/ISIN: 19260Q AD9 / US19260QAD97; Regulation S CUSIP/ISIN: U19328 AB6 / USU19328AB62 |
| Aggregate Principal Amount Outstanding | $1,000,000,000 |
| Aggregate Principal Amount Tendered after Interim Expiration Time | $1,447,000 |
| Aggregate Principal Amount Expected to be Accepted for Purchase on Final Settlement Date | $1,447,000 |
| Aggregate Amount to be Paid | $1,001,349 |
| Total Consideration | $675.00 |
Citigroup Global Markets Inc. acted as the Dealer Manager for the Tender Offer. Further details and documents related to the Tender Offer can be accessed at the Tender and Information Agent’s website.
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