04:36 AM EDT, 03/14/2024 (MT Newswires) -- Coinbase Global ( COIN ) said late Wednesday it has priced a private offering of $1.1 billion of its 0.25% convertible senior notes due 2030, upsized from its previously announced offering of $1 billion.

Initial purchasers have been granted a 30-day option to purchase up to an additional $165 million of notes.

The sale of the notes is expected to settle on Monday, subject to customary closing conditions. Net proceeds are estimated to be about $1.08 billion, or about $1.24 billion if the initial purchasers fully exercise their overallotment option.

The company said it intends to use the proceeds from the offering to repay or repurchase its outstanding 0.50% convertible senior notes due 2026; its 3.375% senior notes due 2028, and its 3.625% senior notes due 2031, as well as for other general corporate purposes, including working capital and capital expenditures.