IREN Announces Proposed Convertible Notes Offering
GlobeNewswire • • business
Key Points:
- IREN Limited plans to offer $2 billion in convertible senior notes due 2033 in a private placement to qualified institutional buyers, with an option for purchasers to buy an additional $300 million in notes.
- The notes will be senior, unsecured, pay semi-annual interest, and are convertible into IREN ordinary shares or cash under specified conditions, with redemption options starting in June 2030 if certain price thresholds are met.
- Proceeds from the offering will partly fund capped call transactions to mitigate dilution upon conversion, with the remainder used for general corporate purposes and working capital.
- IREN expects to unwind portions of its existing capped call transactions tied to previous convertible notes due in 2029 and 2030, which may impact the market price of its shares and notes.
- The offering and related securities have not been registered under the Securities Act and will be sold only in exempt transactions; forward-looking statements highlight risks including market conditions and business uncertainties.