IREN Limited announced the pricing of $1 billion aggregate principal amount of 0.25% convertible senior notes due 2032 and $1 billion aggregate principal amount of 1.00% convertible senior notes due 2033 in a private offering to qualified institutional buyers.
The notes will be senior, unsecured obligations of IREN and will accrue interest at rates of 0.25% and 1.00% per annum, payable semi-annually.
Conversions can be settled with cash, ordinary shares, or a combination of both at IREN's discretion.
Offering Details
$2 billion offering of convertible senior notes with different coupon rates and conversion premiums.
Conversion Terms
Initial conversion rate of approximately 19.4553 ordinary shares per $1,000 principal amount for both 2032 and 2033 notes.
Redemption Options
Notes are redeemable in part or whole at IREN's discretion after specific dates under certain conditions.
Fundamental Change Clause
Noteholders may require IREN to repurchase their notes in the event of a fundamental change.
- The offering provides IREN with substantial funding through convertible notes, allowing flexibility in capital structure.
- The capped call transactions serve as hedges, offering some protection against share price volatility during conversions.
IREN's convertible notes offering reflects a strategic move to raise capital with favorable terms and flexibility for both the company and investors.