🔴 IREN drops 3.5% after announcing $2 billion convertible note offering

IREN is trading at $59.07 (-3.48%) after the company announced a proposed private offering of $2 billion in convertible senior notes due 2033.

• The offering is subject to market conditions and will be made to qualified institutional buyers.
• IREN also expects to grant initial purchasers an option to buy up to an additional $300 million in notes.
• Proceeds will be used for general corporate purposes, working capital, and to fund capped call transactions designed to reduce potential dilution upon conversion of the notes.