Fenwick represented Coinbase International, Inc. (Nasdaq: COIN), a number one supplier of end-to-end monetary infrastructure and expertise for the cryptoeconomy, in its providing and sale of $1.25 billion combination principal quantity of 0.50% convertible senior notes due 2026 to certified institutional patrons pursuant to Rule 144A beneath the Securities Act of 1933, as amended. Coinbase additionally granted the preliminary purchasers of the notes a 30-day choice to buy as much as a further $187.5 million principal quantity of notes, solely to cowl over-allotments.
The web proceeds from the providing are roughly $1.22 billion (or, if the preliminary purchasers train their choice to buy further notes in full, shall be roughly $1.40 billion), after deducting the preliminary purchasers’ low cost and commissions and estimated providing bills payable by Coinbase. The providing and sale closed on Could 21, 2021. Fenwick additionally assisted Coinbase with its entry into capped name transactions to handle in opposition to potential dilution from the brand new notes, utilizing $78.4 million of the web proceeds. Extra info will be obtained from.
The Fenwick transaction group included company companions Michael Brown, Ran Ben-Tzur and David Michaels and associates Jennifer Hitchcock, Joshua Damm, Annie Omata, Sloka Tankala and Atrina Mehdipour, and tax companions William Skinner and Larissa Neumann.