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IREN Prices $2 Billion Convertible Notes Offering
NEW YORK, Dec. 03, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced the pricing of its offering of $1 billion aggregate principal
About this update from Iren Limited
[{"type":"text","content":"NEW YORK, Dec. 03, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced the pricing of its offering of $1 billion aggregate principal amount of 0.25% convertible senior notes due 2032 (the “2032 notes”) and $1 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 to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Key details of the transaction $1 billion convertible senior notes due 2032 (0.25% coupon, 25% conversion premium)$1 billion convertible senior notes due 2033 (1.00% coupon, 25% conversion premium)Capped call transactions entered into in connection with the 2032 notes, which are expected generally to provide a hedge upon conversions up to an initial cap price of $82.24 per share, which represents a 100% premium (as compared to the 25% conversion premium under the 2032 notes)Capped call transactions entered into in connection with the 2033 notes, which are expected generally to provide a hedge upon conversions up to an initial cap price of $82.24 per share, which represents a 100% premium (as compared to the 25% conversion premium under the 2033 notes)The issuance and sale of the notes are scheduled to settle on December 8, 2025, subject to customary closing conditions. IREN also granted the initial purchasers of the notes options to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $150 million principal amount of notes for the 2032 notes and up to an additional $150 million principal amount of notes for the 2033 notes Additional transaction details The notes will be senior, unsecured obligations of IREN and will accrue interest at a rate of 0.25% (in the case of the 2032 notes) and 1.00% (in the case of the 2033 notes) per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2026. The 2032 notes will mature on June 1, 2032, and the 2033 notes will mature on June 1, 2033, in each case unless earlier repurchased, redeemed or converted. Before March 1, 2032 for the 2032 notes and March 1, 2033 for the 2033 notes, noteholders of either series will have the r...