Loan & DebtMay 14, 2026, 04:03 PM
IREN Closes $3.0B Convertible Senior Notes Offering
AI Summary
IREN Limited announced the closing of its $3.0 billion offering of 1.00% convertible senior notes due 2033, including a fully exercised $400 million greenshoe option. The transaction generated net proceeds of approximately $2.96 billion. IREN intends to use $201.3 million to fund capped call transactions, which are expected to reduce potential dilution up to a cap price of $110.30 per share, with the remaining funds allocated for general corporate purposes and working capital.
Key Highlights
- Closed $3.0 billion offering of 1.00% convertible senior notes due 2033.
- Offering included fully exercised $400 million greenshoe option.
- Net proceeds totaled approximately $2.96 billion.
- Notes feature a 1.00% coupon and 32.5% conversion premium.
- $201.3 million used for capped call transactions.
- Capped calls hedge conversions up to $110.30 per share (100% premium).
- Remaining proceeds for general corporate purposes and working capital.
- Partially terminated 2029 capped call transactions.