According to a statement issued on Monday, Coinbase Global Inc. is offering to buy back some of its outstanding junk bonds as the world’s largest cryptocurrency trades near its highest value of the year.
The crypto exchange is willing to redeem up to $150 million in 3.625% notes due October 2031.
According to the statement, investors who tender will receive between $615 and $645 every $1,000 of principle.
The promotion will end on September 1 at 11:59 p.m. New York time.
The debt Coinbase is attempting to retire traded at 62 cents on the dollar as the bond market closed Monday, up from a record low of 52 cents in November.
Citigroup Global Markets Inc. has been appointed as the company’s financial advisor.
