IREN prices $500M convertible notes offering

June 10, 2025 11:56 PM PDT | By EODHD

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IREN prices $500M convertible notes offering — Image source: Kalkine Media

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IREN (NASDAQ:IREN [https://seekingalpha.com/symbol/IREN]) has priced [https://seekingalpha.com/pr/20132822-iren-prices-upsized-500-million-convertible-notes-offering]its private offering of $500M aggregate principal amount of 3.50% convertible senior notes due 2029. The offering size was increased from the previously announced offering size of $450M. The notes will accrue interest at 3.50% per annum, payable semi-annually in arrears, and will mature on December 15, 2029, unless earlier repurchased, redeemed or converted. The initial conversion rate is 73.3229 ordinary shares per $1,000 principal amount of notes, which represents an initial conversion price of ~$13.64 per ordinary share - a premium of ~30% over the last reported sale price of $10.49 per share on June 10. IREN also granted the initial purchasers an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $50 million principal amount of notes.

The sale is scheduled to settle on June 13, 2025, subject to customary closing conditions. IREN expects net proceeds of around $486.1M, or ~$534.9M if the initial purchasers fully exercise their option to purchase additional notes. It plans to use $48.9M of the proceeds to fund the cost of entering capped call transactions, around $92.5M to fund the cost of entering into the prepaid forward transaction and remaining proceeds for general corporate purposes and working capital. MORE ON IRIS ENERGY * A Solid Quarter For IREN Limited, Q3 FY Earnings (Rating Upgrade) [https://seekingalpha.com/article/4786934-solid-quarter-for-iren-limited-q3-fy-earnings-rating-upgrade] * IREN Limited (IREN) Q3 2025 Earnings Call Transcript [https://seekingalpha.com/article/4786904-iren-limited-iren-q3-2025-earnings-call-transcript] * IREN Limited 2025 Q3 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4786876-iren-limited-2025-q3-results-earnings-call-presentation] * IREN prices $500M convertible notes offering [https://seekingalpha.com/news/4457095-iren-prices-500m-convertible-notes-offering] * IREN announces $450M convertible notes offering due 2029 [https://seekingalpha.com/news/4457055-iren-announces-450m-convertible-notes-offering-due-2029]

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