The transaction involving Rapada satisfies the Aug. 23 trade in which Chicago obtained outfielder Craig Monroe and cash considerations in exchange for a player to be named.
Coats, 25, was originally drafted by the Cubs in the 18th round of the 2000 First-Year Player Draft. He hit .303 this year with Triple-A Iowa, with 21 doubles, 11 home runs and 59 RBIs.
Rapada, 26, was 7-2 with 17 saves and a 3.58 ERA in 55 relief appearances for Iowa.
Carrie Muskat is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.