Coinbase revises its tender offer

Coinbase has revised its tender offer for the 3.625% senior note due in 2031, increasing the cap from $150 million to $180 million and extending the expiration date to September 18, 2023.

Updates to bidding offer

Coinbase Global, Inc., the world’s second-largest cryptocurrency exchange, has announced updates to its bidding offer for a 3.625% senior bond due in 2031.

Increased total purchase price

The Company has increased the maximum total purchase price for notes from $150 million to $180 million and extended the expiration date from September 1, 2023 to September 18, 2023. Payments for accepted notes will be made on September 6, 2023.

Modified terms for participation

In an effort to gain more participation, Coinbase has also modified the terms of the tender offer. Owners who have validly filed their bond after 5:00 PM NYC time on August 18, 2023, but before 11:59 PM NYC time on September 1, 2023 will be eligible to receive the corresponding total of up to $675 per $1,000 US of the principal amount of the bond. Accrued and unpaid interest will be paid up to the interim settlement date of September 6, 2023.

Additional funds advanced

As of the most recent update, an additional $211 million of the original total amount had been advanced by the time of the temporary expiration, bringing the total amount to $261 million. The tender offer expires at 11:59 p.m. New York City time, September 18, 2023.

Validity period and payment

No bids will be considered valid if submitted after the expiry of their validity period. Payment for accepted notes offered before or upon expiration will likely be processed by September 20, 2023.

Read the purchase offer

The Company advises Bondholders to read the purchase offer dated August 7, 2023 to fully understand the terms before deciding to participate in the tender offer.