Coinbase proposes $1.0B convertible notes offering due 2030 to refinance existing debt

Coinbase Global, Inc.

$1.0B aggregate principal of convertible senior notes due 2030; underwriters have 30-day option for additional $150M.
Proceeds to repay 0.50% notes due 2026, 3.375% notes due 2028, 3.625% notes due 2031, plus general corporate purposes.
Expects capped call transactions with initial purchasers to reduce potential dilution upon conversion of the notes.
Notes convertible into cash, Class A common stock, or combination at Coinbase's election; interest rate and conversion rate set at pricing.

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