IREN Limited announced the pricing of an upsized private offering of $2.6 billion in aggregate principal amount of 1.00% Convertible Senior Notes due 2033. The offering size was increased from the previously announced $2 billion. The sale is expected to close on May 14, 2026, and is being made to qualified institutional buyers.
Key Details
- Offering Size: $2.6 billion in notes, with an option for initial purchasers to buy up to an additional $400 million within 13 days.
- Note Terms: The notes will carry a 1.00% annual interest rate and mature in 2033. The initial conversion price is approximately $73.07 per share, representing a 32.5% premium to the stock's closing price on May 11, 2026.
- Use of Proceeds: The company expects net proceeds of approximately $2.57 billion (or up to $2.96 billion). It plans to use about $174.5 million to fund capped call transactions to reduce potential shareholder dilution, with the remainder allocated to general corporate purposes and working capital.