IREN Completes $3 Billion Convertible Note Offering Due 2033

Bitcoin mining and AI cloud service provider IREN has successfully completed the issuance of $3 billion in convertible senior notes due in 2033. According to Foresight News, the notes carry a 1.00% interest rate and a conversion premium of 32.5%. The initial offering size was $2.6 billion, with an additional $400 million added after the full exercise of the over-allotment option, resulting in net proceeds of approximately $2.96 billion after deducting related expenses. The issuance was managed by a consortium of joint bookrunners, including JPMorgan, Goldman Sachs, Citigroup, Jefferies, MUFG, Wells Fargo, and Cantor Fitzgerald. IREN plans to allocate $201.3 million of the proceeds for capped call transactions to hedge dilution risk, with the remaining funds designated for general corporate purposes and working capital.