IREN Ltd. closes its upsized convertible senior notes offering today, May 14, 2026. The private offering increased from $2 billion to $2.6 billion following strong demand. Initial purchasers hold an option to buy an additional $400 million in notes.
The notes carry a 1.00% annual interest rate. The debt matures in 2033. The initial conversion price is approximately $73.07 per share. This price represents a 32.5% premium. The premium is calculated from the May 11, 2026, closing price.
IREN expects net proceeds of approximately $2.57 billion. The company will use the funds for general corporate purposes and working capital. Capital will also fund capped call transactions to mitigate potential shareholder dilution.