Coinbase has announced that a buyback program request will be made.
US-based cryptocurrency exchange Coinbase has accepted the bond offer of its investors. The company will repurchase $150 million in debt.
Coinbase announces $150 million debt repurchase
Coinbase reported that demand for its buyback program was moderate and investors accepted the bond offer. The company increased its $150 million debt repurchase program proposal by 3 percent, based on investor demand.
Coinbase announced that after the launch of its buyback program, investors submitted over $50 million in bond offers, an amount close to the $150 million target. In response, the company increased the price of its Senior Bond offering. Bids were raised from 64.5 cents to 67.5 cents on the dollar, with the 3.625 percent bond offer with a maturity of 2031.
Under this repurchase program, bondholders who have not withdrawn their bonds early or before will be entitled to receive the modified price for bonds accepted for purchase. In addition, holders of bonds that have been auctioned and purchased with valid interest will also be entitled to receive their outstanding receivables.
Coinbase issued the 3,625% Senior Notes of $1 billion with a maturity of 2031 in September 2021. The value of these stocks has changed over time depending on the fluctuations in the crypto market. Although the company’s share value has fluctuated despite the US Securities and Exchange Commission’s alleged sale of unregistered securities, it has recently shown a recovery.
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