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← IREN
Fri, Dec 6, 2024

IREN closes upsized $440 million convertible notes offering

Source file ↗

Key points

  • Offering oversubscribed and upsized from $300 million to $400 million, plus a fully-exercised $40 million greenshoe — $440 million total
  • 3.25% coupon, 30% conversion premium; net proceeds of approximately $425.4 million
  • Capped call transactions provide a hedge on conversions up to an initial cap price of $25.86/share (100% premium to the reference price)
  • $44.4 million used to fund the capped call, $73.7 million to fund a prepaid forward share repurchase, remainder for general corporate purposes
  • Citigroup Global Markets and J.P. Morgan Securities acted as joint bookrunners