NeoCapCompaniesValuationsScenariosMetrics
Log inSign up
← IREN
Mon, Dec 8, 2025

IREN closes $2.3 billion convertible notes offering and repurchases existing notes

Source file ↗

Key points

  • $1.0 billion of 0.25% convertible senior notes due 2032, plus $1.0 billion of 1.00% convertible senior notes due 2033, plus a fully-exercised $300 million greenshoe — $2.3 billion total
  • Capped call transactions expected to hedge conversions up to an initial cap price of $82.24/share
  • Repurchased approximately $544.3 million aggregate principal of existing convertible notes: $316.6 million of the 3.50% notes due 2029 (at a $13.64 conversion price) and $227.7 million of the 3.25% notes due 2030 (at a $16.81 conversion price)
  • Repurchase funded via a registered direct placement of ~39.7 million ordinary shares
  • Combined transactions raise net proceeds of approximately $2.27 billion, lowering the average annualized cash coupon and extending maturities on outstanding convertible notes