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IREN Closes $2.3 Billion Convertible Notes Offering and the Repurchase of Existing Convertible Notes
NEW YORK, Dec. 08, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced the closing of its offering of convertible senior notes and
About this update from Iren Limited
[{"type":"text","content":"NEW YORK, Dec. 08, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced the closing of its offering of convertible senior notes and repurchase of certain existing convertible notes. Key details Offering of $2.3 billion convertible senior notes $1.0 billion offering of 0.25% convertible senior notes due 2032$1.0 billion offering of 1.00% convertible senior notes due 2033$300 million greenshoe fully exercisedCapped call transactions expected to provide a hedge upon conversions up to an initial cap price of $82.24 per shareNo put option for investors in the notes other than a customary put right in the case of certain fundamental changes Repurchase of approximately $544.3 million aggregate principal amount of existing convertible notes $316.6 million of 3.50% convertible senior notes due 2029 ($13.64 conversion price)$227.7 million of 3.25% convertible senior notes due 2030 ($16.81 conversion price)Funded via registered direct placement of approximately 39.7 million ordinary shares Combined transactions raise net proceeds of approximately $2.27 billion, lower average annualized cash coupons and extend maturities on outstanding convertible notes Convertible Notes Offering IREN closed its offering of $1.15 billion aggregate principal amount of 0.25% convertible senior notes due 2032 (the “2032 notes”) and $1.15 billion aggregate principal amount of 1.00% convertible senior notes due 2033 (the “2033 notes” and, together with the 2032 notes, the “notes”) in a private offering (the “Convertible Notes Offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Citigroup, Goldman Sachs & Co. LLC, J.P. Morgan, Jefferies, Cantor and Mizuho acted as bookrunners, and Canaccord Genuity, Macquarie Capital, Moelis & Company and Roth Capital Partners acted as co-managers in connection with the offering. Repurchase of Existing Convertible Notes Concurrently with the closing of the Convertible Notes Offering, IREN closed its separate, privately negotiated transactions with a limited number of holders of IREN’s outstanding 3.25% convertible senior notes due 2030 with an initial conversion price of approximately $16.81 per ordinary share (the “Existing 2030 Convertible Notes”) and 3.50% convertible senior notes due 20...