Coinbase To Buy Back Up To $150 mn Of Its $1 bn Bonds
Coinbase initiates partial bond repurchase of $1 billion. Coinbase plans to buy back $150 million of 3.265% bonds maturing in 2031, according to its Q2, 2023 financial report. Investors who tender their Notes before August 18 will be eligible for an early buy offer with a $30 premium, resulting in $645 per $1,000 bond’s principal amount, or 64.5 cents per dollar.
Participants who sell their bonds after August 18 before September 1 will receive $615 per $1000 of the bond’s principal value, resulting in a premium return of 60 cents per dollar on unaffected preannouncement bond prices.
Coinbase’s second quarter revenue exceeded analyst estimates by 13%, reaching $708 million. Adjusted earnings per share loss was $0.42, compared to forecasts of $0.76. Citigroup Global Markets will serve as the buyback program’s Dealer Manager.
(With inputs from Shikha Singh)
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