IREN Launches $2 Billion 2033 Convertible Notes Offering With $300 Million Upsize Option
Updated
Updated · GlobeNewswire · May 11
IREN Launches $2 Billion 2033 Convertible Notes Offering With $300 Million Upsize Option
4 articles · Updated · GlobeNewswire · May 11
$2 billion of convertible senior notes due 2033 is the size IREN said it plans to sell privately to qualified institutional buyers, with terms including interest and conversion rate to be set at pricing.
A $300 million greenshoe could lift the deal further, while IREN said proceeds will fund capped call transactions and then general corporate purposes and working capital.
The capped calls are designed to limit dilution from note conversions or offset excess cash settlement costs, though protection would fade if IREN shares rise above the cap price.
IREN also plans to unwind part of its existing 2029 and 2030 capped call positions, a step that could trigger hedge trading in its shares around pricing and affect the notes' initial conversion price.
The financing follows IREN's broader AI-cloud expansion, which earlier reports said helped push the stock down about 3% as investors weighed heavy future funding needs.
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