The start of a cash tender offer for up to $150.0 million of Coinbase Global, Inc.’s outstanding 3.625% Senior Notes due 2031 has been announced. The information was released in a press release that Blockchain.News sent on August 7, 2023, along with the announcement.
A more equitable, open, effective, and transparent financial system is being built with the help of cryptocurrency, according to Coinbase, a prominent platform in the cryptoeconomy. The firm was founded in 2012 on the revolutionary premise that anybody, everywhere should be able to send and receive Bitcoin with ease and security. A reliable and user-friendly mechanism for gaining access to the larger cryptoeconomy is provided by Coinbase.
The Tender Offer will terminate on September 1, 2023, at 11:59 p.m., New York City time, and it can be extended at the company’s discretion. Holders of the Notes will be entitled to receive $645.00 for every $1,000 principal amount of Notes they legally tender and do not withdraw by 5:00 p.m., New York City time, on August 18, 2023
.This sum comprises the $615.00 Tender Consideration as well as a $30.00 Early Tender Premium for each $1,000 principal amount of Notes. The Tender Consideration of $615.00 per $1,000 principal amount of Notes will be paid to Holders who tender their Notes after the Early Tender Time but before the Expiration Time. Notes that have been tendered may be withdrawn at any time on or before the Early
Tendered Notes may be subject to proration if the aggregate purchase price exceeds the maximum purchase price of $150.0 million for the amount of Notes that may be acquired. The maximum tender amount is subject to change by the company.
It is anticipated that early settlement for Notes given at or before the early tender time will take place on the second business day after the early tender time, unless discontinued. The second business day after the Expiration Time is anticipated to be when Notes tendered after the Early Tender Time but before the Expiration Time are finally settled.
The acceptance of the Tender Offer is contingent upon customary terms, and the company maintains the right to renege on any conditions, postpone acceptance, or cancel the Tender Offer altogether. The company’s offer to buy, dated August 7, 2023, contains all the specifics of the terms and conditions.
Global Bondholder Services Corp., the Tender and Information Agent, can be contacted by phone or online to request documents pertaining to the Tender Offer. To act as Dealer Manager for the Tender Offer, Citigroup Global Markets Inc. has been hired.