Coinbase proposes $1.25B in convertible senior notes private offering

Coinbase Global (COIN) trades 3.3% down after hours on planning to offer $1.25B principal amount of Convertible Senior Notes due 2026 in a private offering; initial purchasers granted 30-day option to purchase up to an additional $187.5M of notes.Notes will accrue interest payable semi-annually in arrears and will mature on June 1, 2026.Notes will be convertible into cash, shares of Coinbase's Class A common stock, or a combination thereof.The interest rate, initial conversion rate, and other terms of the notes are to be determined on offer pricing.Net proceeds to be used for general corporate purposes, which may include working capital and capital expenditures, and to pay the cost of the capped call transactions