According to Cointelegraph Coinbase, a crypto exchange, created the offer on its $150 million debt buyback program after a demand.
With insights from an announcement made on August 21, 2023, Coinbase mentioned that after the buyback program took place, investors have tendered about over $50 million of bonds in comparison with a target of $150 million. Supposedly, the exchange increased its offer to about 3.625% senior notes due in 2031 from 64.5 cents on the dollar to 67.5 cents on the dollar.
“Holders of Notes (‘Holders’) who validly tendered and did not validly withdraw their Notes at or prior to the Early Tender Time are eligible to receive the Amended Consideration for the Notes accepted for purchase. Holders of Notes will also receive accrued and unpaid interest on their Notes validly tendered and accepted for purchase,” Coinbase explained.
Furthermore, it is believed that in spite of facing allegations of selling illegal securities from the United States Securities and Exchange Commission, Coinbase stock managed to collect back about 50% of its stock from the time when the lawsuit was filed, Cointelegraph concluded.
(With insights from Cointelegraph)
