Crypto exchange Coinbase plans to raised $1.5bn via its first bond offering – a two-trancher consisting of a 10NC5 and 7NC3 tranche. Its proposed bonds have expected ratings of Ba1/BB+ (Moody’s/S&P), just one notch below investment grade. Sources say the yield on its 10NC5 bond is expected to be in the low 4%s. Coinbase received at least $2.4bn in investor demand as per Bloomberg. The amount raised will bolster cash on the company’s balance sheet to a total of $5.85bn with proceeds earmarked for general corporate purposes including continued investments in product development and potential investments in or acquisitions of other companies, products or technology. Coinbase has been growing through acquisitions, acquiring Bison Trails this year, an analytics provider.
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