IREN Announces Proposed Convertible Notes Offering
IREN (NASDAQ: IREN) intends to offer $875 million principal amount of convertible senior notes due 2031, with an initial purchaser option to purchase up to an additional $125 million (total up to $1.0 billion if exercised).
The notes will be senior, unsecured, pay semi-annual interest, be convertible under specified conditions, and callable by IREN beginning January 8, 2029. IREN expects to use proceeds to fund capped call transactions and for general corporate purposes.
Capped calls are intended to reduce dilution but will be cash-settled until shareholder approval; hedging by counterparties could affect IREN share price and conversion economics.
IREN (NASDAQ: IREN) intende offrire un importo principale di note senior convertibili per 875 milioni di dollari a scadenza 2031, con un'opzione di acquisto iniziale per l'acquirente di ulteriori fino a 125 milioni di dollari (totale fino a 1,0 miliardo di dollari se esercitata).
Le obbligazioni saranno senior, non garantite, pagheranno interessi semestrali, saranno convertibili secondo condizioni specificate e richiamabili da IREN a partire dall'8 gennaio 2029. IREN prevede di utilizzare i proventi per finanziare operazioni di capped call e per scopi aziendali generali.
Le capped calls sono destinate a ridurre la diluizione ma saranno liquidate in contanti fino all'approvazione degli azionisti; le coperture da parte delle controparti potrebbero influire sul prezzo delle azioni IREN e sull'economia della conversione.
IREN (NASDAQ: IREN) planea ofrecer notas senior convertibles por un monto principal de 875 millones de dólares con vencimiento en 2031, con una opción de compra inicial para que el comprador adquiera hasta 125 millones de dólares adicionales (un total de hasta 1,0 mil millones de dólares si se ejerce).
Las notas serán senior, no garantizadas, pagarán intereses semestrales, serán convertibles bajo condiciones específicas y serán canjeables por IREN a partir del 8 de enero de 2029. IREN espera utilizar los ingresos para financiar transacciones de capped calls y para fines corporativos generales.
Los capped calls están destinados a reducir la dilución, pero se liquidarán en efectivo hasta la aprobación de los accionistas; la cobertura por parte de contrapartes podría afectar el precio de las acciones de IREN y la economía de la conversión.
IREN (NASDAQ: IREN)은 2031년 만기의 전환 가능 선순위 채권 principal 금액으로 미화 8억 7,500만 달러를 발행하고, 초기 매입자 옵션을 통해 추가로 최대 1억 2,500만 달러를 매입할 수 있는 권한을 부여하며(행사 시 총액 최대 10억 달러).
이 노트는 선순위, 무담보이며 세미연 이자를 지급하고, 특정 조건에서 전환 가능하고 IREN이 2029년 1월 8일 이후에 상환 청구할 수 있습니다. IREN은 수익금을 상한 콜(capped call) 거래를 위한 자금 조달 및 일반 기업 용도로 사용할 예정입니다.
상한 콜은 희석을 줄이기 위한 것이나 주주 승인까지 현금으로 결제되며, 상대방의 헤지 활동이 IREN의 주가 및 전환 경제성에 영향을 미칠 수 있습니다.
IREN (NASDAQ: IREN) envisage d’offrir des notes seniors convertibles d'un montant principal de 875 millions de dollars arrivant à échéance en 2031, avec une option d'achat initiale permettant à l'acheteur d'acquérir jusqu'à 125 millions de dollars supplémentaires (un total pouvant atteindre 1,0 milliard de dollars si exercé).
Les notes seront seniors, non garanties, payeront des intérêts semestriels, seront convertibles selon des conditions spécifiées et seront rachetables par IREN à partir du 8 janvier 2029. IREN prévoit d'utiliser les produits pour financer des transactions de capped calls et à des fins générales d'entreprise.
Les capped calls visent à réduire la dilution mais seront réglés en cash jusqu'l'approbation des actionnaires; la couverture par les contreparties pourrait affecter le cours de l'action IREN et l'économie de la conversion.
IREN (NASDAQ: IREN) beabsichtigt, Anleihen mit dem Hauptbetrag von 875 Millionen US-Dollar als vorrangige wandelbare Anleihen mit Fälligkeit 2031 auszugeben, mit einer anfänglichen Erwerbsoption des Ankäufers, bis zu zusätzlichen 125 Millionen US-Dollar zu erwerben (insgesamt bis zu 1,0 Milliarden US-Dollar, wenn ausgeübt).
Die Anleihen werden vorrangig, ungesichert sein, halbjährliche Zinsen zahlen, unter festgelegten Bedingungen wandelbar sein und ab dem 8. Januar 2029 von IREN kündbar sein. IREN plant, die Erlöse zur Finanzierung von Caps-Transaktionen und für allgemeine Geschäftszwecke zu verwenden.
Caps sollen die Verwässerung reduzieren, werden jedoch bis zur Zustimmung der Aktionäre bar abgegolten; Absicherungen durch Gegenpartei könnten den Aktienkurs von IREN und die Wandlungskosten beeinflussen.
IREN (NASDAQ: IREN) تنوي إصدار سندات أولية قابلةConversion من الفئة العليا بقيمة اسمية 875 مليون دولار تستحق في 2031، مع خيار شراء ابتدائي للمشتري ليشتري حتى 125 مليون دولار إضافية (إجمالاً حتى 1.0 مليار دولار إذا تم تنفيذه).
ستكون السندات ذات أولوية، غير مضمونة، وتدفع فائدة نصف سنوية، وستكون قابلة للتحويل وفق شروط محددة، وقابلة للدعوة من قبل IREN بدءاً من 8 يناير 2029. تتوقع IREN استخدام العوائد لتمويل صفقة capped call ولأغراض الشركة العامة.
يهدف capped calls إلى تقليل التخفيف لكن ستُسوّى نقداً حتى موافقة المساهمين؛ قد تؤثر تغطيات الطرف المقابل على سعر سهم IREN واقتصاد التحويل.
IREN (NASDAQ: IREN) 打算发行本金为 8.75 亿美元的可转换高级票据，期限至 2031 年，初始购买方有权购买最多额外 1.25 亿美元（如行使，总额最高可达 10 亿美元）。
票据将为高级、无担保、按半年支付利息、在特定条件下可转换，并可自 2029 年 1 月 8 日 起由 IREN 召回。IREN 预计将募集资金用于资助限价买权（capped call）交易及一般企业用途。
限价买权旨在减少稀释，但在股东批准前将以现金结算；对手方的对冲可能影响 IREN 的股价和转换经济性。
- Initial financing size of $875M (up to $1.0B if option exercised)
- Proceeds earmarked to fund capped call hedges to limit dilution
- Remaining proceeds reserved for general corporate purposes and working capital
- Potential dilution to shareholders if notes convert and market price exceeds capped-call caps
- Capped calls are cash-settled until shareholder approval, leaving near-term dilution risk
- Issuance of $875M senior unsecured notes increases leverage and interest obligations
- Hedging activity by counterparties could increase share price volatility around pricing and conversion events
Insights
IREN proposes a $875
IREN plans a private placement of convertible senior notes due
The company intends to use proceeds to fund capped call transactions and for general corporate purposes. The capped calls aim to reduce dilution or offset excess cash payments on conversions, subject to a cap price and shareholder approval for share repurchases; if market price exceeds the cap, dilution or uncovered cash obligations may remain. Option counterparties expect to hedge, which could move market prices around pricing and during observation periods; such hedging may affect conversion economics and the number or value of ordinary shares deliverable on conversion.
Key items to watch: the final interest rate and initial conversion rate at pricing, whether initial purchasers exercise the
NEW YORK, Oct. 07, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced its intention to offer, subject to market and other conditions,
Description of notes
The notes will be senior, unsecured obligations of IREN, will accrue interest payable semi-annually in arrears and will mature on July 1, 2031, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. IREN will settle conversions by paying or delivering, as the case may be, cash, its ordinary shares or a combination of cash and its ordinary shares, at its election.
The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at IREN’s option, on or after January 8, 2029 and on or before the 30th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of IREN’s ordinary shares exceeds
If certain corporate events that constitute a “fundamental change” occur, then, subject to a limited exception, noteholders may require IREN to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.
Use of proceeds
IREN intends to use a portion of the net proceeds from the offering to fund the cost of entering into the capped call transactions, as described below. IREN intends to use the remainder of the net proceeds for general corporate purposes and working capital. If the initial purchasers exercise their option to purchase additional notes, IREN intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions, as described below.
Capped call transactions
In connection with the offering of the notes, IREN expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers or their affiliates and/or one or more other financial institutions (the “option counterparties”). The capped call transactions are expected to cover, subject to anti-dilution adjustments, the number of ordinary shares of IREN that will initially underlie the notes. If the initial purchasers exercise their option to purchase additional notes, then IREN expects to enter into additional capped call transactions with the option counterparties.
The capped call transactions are expected generally to reduce the potential dilution to IREN’s ordinary shares upon any conversion of the notes and/or offset any potential cash payments IREN is required to make in excess of the principal amount of converted notes, as the case may be, with such offset and/or reduction subject to a cap price. If, however, the market price per ordinary share of IREN, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions. In addition, the capped call transactions will be solely cash settled until IREN receives shareholder approval to repurchase its ordinary shares pursuant to the terms of the capped call transactions or is otherwise permitted to repurchase its ordinary shares pursuant to the terms of the capped call transactions under the laws of its jurisdiction of incorporation. The Company retains flexibility to seek and/or renew such approval from time to time during the terms of the capped call transactions at a general meeting or future annual general meeting.
IREN has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to IREN’s ordinary shares and/or purchase the ordinary shares of IREN concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of IREN’s ordinary shares or the notes at that time. Any such trades by the option counterparties or their respective affiliates would be on a principal basis and without any agreement, arrangement or understanding between, or with, IREN on how those parties would hedge their own positions.
In addition, the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to IREN’s ordinary shares and/or purchasing or selling IREN’s ordinary shares or other securities of IREN in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so (x) on each exercise date for the capped call transactions, which are expected to occur on each trading day during the 30 trading day period beginning on the 31st scheduled trading day prior to the maturity date of the notes and (y) following any early conversion of the notes or any repurchase of the notes by IREN on any fundamental change repurchase date, any redemption date or any other date on which the notes are repurchased by IREN, in each case if IREN exercises the relevant election to terminate the corresponding portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of IREN’s ordinary shares or the notes, which could affect the ability of noteholders to convert the notes, and, to the extent the activity occurs following a conversion or during any observation period related to a conversion of the notes, it could affect the number of IREN’s ordinary shares and value of the consideration that noteholders will receive upon conversion of the notes.
The offer and sale of the notes and any of IREN’s ordinary shares issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any of IREN’s ordinary shares issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction (including the United States and Australia) in which such offer, sale or solicitation would be unlawful.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the anticipated terms of the notes being offered, the completion, timing and size of the proposed offering and the intended use of the proceeds. Forward-looking statements represent IREN’s current expectations, beliefs, and projections regarding future events and are subject to known and unknown uncertainties, risks, assumptions and contingencies, many of which are outside IREN’s control and that could cause actual results to differ materially from those described in or implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of IREN’s ordinary shares and risks relating to IREN’s business, including those described in periodic reports that IREN files from time to time with the SEC. IREN may not consummate the proposed offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final terms of the offering or the notes or its ability to effectively apply the net proceeds after funding the cost of entering into the capped call transactions as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and IREN does not undertake any obligation to update the forward-looking statements included in this press release for subsequent developments, except as may be required by law. For a further discussion of factors that could cause IREN’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in IREN’s Annual Report on Form 10-K for the year ended June 30, 2025 and other risks described in documents filed by IREN from time to time with the Securities and Exchange Commission.
About IREN
IREN is a leading developer, owner and operator of next-generation data centers powering the future of Bitcoin, AI and beyond utilizing
- Power & Land Portfolio: 2,910MW of grid-connected power secured across >2,000 acres in the U.S. and Canada, with an additional multi-gigawatt development pipeline.
- Next-Generation Data Centers: 810MW of operating data centers underpinning three verticals: Bitcoin Mining, AI Cloud Services and AI Data Centers.
- Bitcoin Mining: one of the world’s largest and lowest-cost Bitcoin producers with 50 EH/s of installed self-mining capacity.
- AI Cloud Services: delivering high performance cloud compute to AI customers with next generation NVIDIA and AMD GPUs.
- AI Data Centers: end-to-end design, construction and operation of data center infrastructure tailored for AI workloads.
Contacts
| Media Megan Boles Aircover Communications +1 562 537 7131 megan.boles@aircoverpr.com Jon Snowball Sodali & Co +61 477 946 068 +61 423 136 761 | Investors Mike Power IREN mike.power@iren.com |
FAQ
How much is IREN raising with the convertible notes offering (IREN)?
What will IREN use the proceeds from the IREN convertible notes offering for?
When do the IREN convertible notes mature and when can IREN redeem them?
Will the IREN notes dilute existing shareholders and how do capped calls affect dilution?
How could hedging activity affect IREN stock around the offering?
Is the IREN convertible notes offering publicly registered?
