American cryptocurrency exchange Coinbase Global Inc. is planning to explore convertible senior notes as the new means of raising funds.
The Coinbase Convertible Senior Notes
Coinbase hinted at its plan to offer up to $1 billion in convertible senior notes which would be due in 2030.
Per Coinbase’s plan, the notes will be put up for sale to institutional investors through a private offering. Upon its launch, the exchange is hoping to grant a 30-day option that would allow those who make purchases of up to an additional $150 million of the securities to cover over-allotments.
The notes can be converted into a number of forms including cash, shares of Coinbase’s Class A common stock, or a combination, but at the company’s election. In the long run, Coinbase expects to use the proceeds to either repay at maturity or repurchase or redeem prior to maturity, its outstanding 0.50% convertible senior notes, 3.375% senior notes, and 3.625% senior notes.
Meanwhile, the outstanding 0.5
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