Coinbase announces plans to buy back a part of its bonds for up to $150m
Coinbase announces plans to buy back a part of its bonds for up to $150m
Cryptocurrency exchange Coinbase has announced plans to buy back a portion of its $1 billion bond issue that matures in 2031.
The exchange's decision to buy back the shares came after the company released its strong financial results for the second quarter of 2023.
According to an announcement released by Coinbase, the exchange will buy back $150 million worth of bonds. Investors who participate in the buyback and sell their bonds by August 18 will receive a reward of $645 per $1,000 face value of the bond. The reward includes a special early offer premium of $30.
For those who sell their notes between August 18 and September 1, Coinbase will pay a reward of $615 per $1,000 face value of the bond.
The bond buyback process will be overseen by Citigroup Global Markets, which Coinbase has hired as dealer manager for the tender offer.
It's worth noting that news of Coinbase's repurchase of the bonds caused them to rise to 62 cents on the dollar.
