Coinbase prices $1.1B 0.25% convertible notes due 2030 to refinance existing debt

Coinbase Global, Inc.

$1.1B aggregate principal (upsized from $1.0B), 0.25% coupon, due April 1 2030; initial purchasers have $165M over-allotment option.
Initial conversion price ~$333.54 per share (32.5% premium over $251.73 closing price); capped call transactions entered to reduce dilution.
Net proceeds ~$1.08B (or ~$1.24B with over-allotment) to repay 2026, 2028, and 2031 notes and for general corporate purposes.
Settlement expected March 18, 2024; notes are unsecured and redeemable at Coinbase's option on or after April 1, 2027.

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