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Coinbase Increases Tender Offer Cap to $180 Million for 3.625% Senior Note Due in 2031

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Coinbase Updates Tender Offer for Senior Bond Due in 2031

Coinbase Global, Inc., the world’s second-largest cryptocurrency exchange, has made revisions to its bidding offer for a 3.625% senior bond due in 2031. The company has increased the maximum total purchase price for the 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 to Encourage Participation

In order to encourage more participation, Coinbase has also modified the terms of the tender offer. Owners who have filed their bonds 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 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.

Increased Total Amount and Expiration Date

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As of the most recent update, an additional $211 million has been advanced, bringing the total amount to $261 million. The tender offer now expires at 11:59 p.m. New York City time on September 18, 2023. Bids submitted after the expiry of their validity period will not be considered valid. Payment for accepted notes offered before or upon expiration will likely be processed by September 20, 2023.

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

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