IREN announced on Tuesday that it has closed a private offering of $1.0 billion aggregate principal amount of 0.00% convertible senior notes due 2031, following strong demand that led to a fully exercised $125 million greenshoe option on the initial $875 million placement. The notes carry a 42.5% conversion premium.
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Net proceeds are expected to total approximately $979.0 million after discounts, commissions and offering expenses, with $56.7 million earmarked to fund capped call transactions designed to mitigate dilution and the remainder available for general corporate purposes and working capital. The initial cap price of the calls total $120.18 per share, a 100% premium to the October 8 closing share price.
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At time of publication, IREN is up 5.6% from yesterday’s close.
