Fenwick represented Coinbase World, 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 mixture principal quantity of 0.50% convertible senior notes due 2026 to certified institutional patrons pursuant to Rule 144A below 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, will probably 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 towards potential dilution from the brand new notes, utilizing $78.4 million of the online proceeds. Extra info will be obtained from Coinbase’s announcement.
The Fenwick transaction staff 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.