IREN Prices $400 Million Offering of Convertible Senior Notes Due 2030

MT Newswires Live

Dec 04, 2024

IREN (IREN) said Wednesday it priced an upsized $400 million offering of 3.25% convertible senior notes due 2030, with settlement expected on Dec. 6.

The company said the notes in the offering, which was increased from $300 million, include a 30% conversion premium and capped call transactions to mitigate share dilution.

The net proceeds, estimated at $386.5 million, will be used to fund capped call and prepaid forward share purchase transactions, with the remainder allocated for corporate purposes, IREN said.

The notes, convertible under specific conditions, offer an initial conversion price of $16.81 per share, representing a 30% premium over the Dec. 3 share price of $12.93, the company added.

IREN said the capped call transactions aim to hedge against conversion-related dilution up to a cap price of $25.86, a 100% premium.

Shares of the company were down 1.6% in recent Wednesday premarket activity.

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