On Monday, Coinbase announced that it has launched a partial repurchase program of its $1 billion in bonds. The company is planning to buy up to $150 million of the 3.265% bonds, which are due to mature in 2031.
Investors who tender their Notes before August 18 will receive a premium of $30 for each $1,000 of the bond’s principal amount, or 64.5 cents on each dollar. Those who offer to buy their bonds after August 18 but before the offer’s expiration date of September 1 will get $615 per $1000 of the bond’s principal value, or 61.5 cents per dollar. Both groups will receive a premium return on the unaffected, preannouncement bond price of 60 cents per dollar.
Citigroup Global Markets will be the Dealer Manager for the buyback program. Meanwhile, Coinbase reported $708 million in revenue for the second quarter, surpassing analyst estimates by over 13%. Adjusted Earnings per share were $0.42, as opposed to the forecast of $0.76.
