Coinbase to repurchase $64.5M of senior notes at 29% discount to par value

Coinbase Global ( NASDAQ: COIN ) said Thursday it will repurchase $64.5M of its 0.50% convertible senior notes due 2026 for ~$45.5M in cash . The transaction represents an ~29% discount to par value. Coinbase's ( COIN ) existing capped call transactions with financial institutions related to the initial note issuance are expected to remain in effect. The repurchases are expected to close on or about June 20, after which ~$1.37B of the notes will remain outstanding. "Q1 was a turning point in building a company that is more efficient and financially disciplined. This repurchase is a continuation of those efforts," said CFO Alesia Haas. Shares of Coinbase ( COIN ) -4.9% before the bell. Now read - Why The SEC's Coinbase Lawsuit Is Great For Bitcoin