Coinbase sees lukewarm demand for debt buyback, raises offer
The United States crypto exchange has increased its offer for discounted debt by 3%. Crypto exchange Coinbase has raised the offer on its $150 million debt buyback program after lukewarm demand . In an Aug. 21 announcement, Coinbase revealed that since the buyback program went into effect earlier this month, investors have tendered just over $50 million of bonds compared to a target of $150 million. Accordingly, the exchange raised its offer on 3.625% Senior Notes due 2031 from 64.5 cents on the dollar to 67.5 cents on the dollar. Coinbase wrote: "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" Exactly $1 billion Coinbase 3.625% Senior Notes due 2031 were issued in September