Convertibles Calendar: Coinbase on deck

March 13

COINBASE GLOBAL INC.

• $1 billion six-year convertible notes

• $150 million greenshoe

• Coupon of 0.5% to 1% and initial conversion premium of 27.5% to 32.5%

• Rule 144A

• Citigroup Global Markets Inc.

• Non-callable for three years and then subject to a 130% hurdle

• Proceeds cover the cost of the call spread, repay at maturity or repurchase or redeem prior to maturity the company’s 0.5% convertible notes due 2026, 3.375% senior notes due 2028 and 3.625% senior notes due 2031, and for general corporate purposes

• Remotely based crypto-exchange platform

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