Coinbase buys back $64.5 million of 0.5% convertibles due 2026

By Marisa Wong

Los Angeles, June 15 – Coinbase Global, Inc. entered into separate privately negotiated purchase agreements on June 14 with a limited number of holders of its 0.5% convertible senior notes due 2026 to repurchase $64.5 million aggregate principal amount of the notes, according to a press release.

The company estimates that it will expend about $45.5 million in cash to complete the repurchases.

The transaction represents a roughly 29% discount to par value.

The company said it previously entered into capped call transactions with some financial institutions in connection with the initial issuance. All of these transactions are expected to remain in effect notwithstanding the buybacks.

The repurchases are expected to close on or about June 20.

After that, about $1,373,000,000 principal amount of the notes will remain outstanding.

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

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