$COIN (-4.3% pre) Coinbase shares fall after $2 billion convertible notes offering https://t.co/p0qIDs8V39
$COIN Coinbase Announces Proposed Private Offering of $2.0 Billion of Convertible Senior Notes
COINBASE $COIN OFFERS 30%-35% CONVERT PREMIUM ON 2032 NOTES: RTRS SOURCES https://t.co/Re1s8qnCwA
Coinbase Global Inc. said it intends to raise $2 billion through a private offering of convertible senior notes, split evenly between maturities in 2029 and 2032. The sale, conducted under Rule 144A, is open only to qualified institutional buyers. Investors have an option to purchase up to an additional $150 million of notes in each tranche. People familiar with the deal said the 2032 securities are being marketed with a 30%–35% conversion premium. Coinbase plans to use the proceeds for capped-call transactions designed to limit equity dilution as well as for general corporate purposes, which could include technology spending, working capital and acquisitions. The fundraising move comes as the largest U.S. crypto exchange seeks fresh capital after a period of revenue volatility. Coinbase shares fell roughly 4% in pre-market trading following the announcement.
