IREN Limited has completed its offering of $3.0 billion in aggregate principal amount of 1.00% Convertible Senior Notes due 2033. The total amount includes the full exercise of a $400 million option granted to the initial purchasers. The company raised approximately $2.96 billion in net proceeds from the sale, which closed on May 14, 2026.
Key Details
- Offering: $3.0 billion in 1.00% Convertible Senior Notes maturing on December 1, 2033.
- Net Proceeds & Use: The company received net proceeds of approximately $2.96 billion. Of this, $201.3 million was used to fund capped call transactions, with the remainder intended for general corporate purposes and working capital.
- Conversion Terms: The notes have an initial conversion price of approximately $73.07 per ordinary share, corresponding to an initial conversion rate of 13.6848 shares per $1,000 principal amount.
- Capped Call Transactions: To reduce potential shareholder dilution upon conversion of the notes, the company entered into capped call transactions with an initial cap price of $110.30 per share.