← IREN · FinancingEdit
Prepaid forward share repurchase
Dec 6, 2024 · ClosedTerms of issuance
Instrument
Prepaid forward repurchase
Principal
$73.7M
Net proceeds
$425.4M
Issue date
Dec 6, 2024
Maturity
Seniority
Conversion ratio
n/a
Settlement
n/a
Economic analysis
Effective annual cost
n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost
Interest savings vs. plain debt
n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate
Implied option value / volatility
n/anot shown — would require an assumed volatility input, which we do not fabricate
Breakeven
n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate
Context
Shares outstanding (as of issue date)
n/ano datapoint on or before the issue date
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Capped call cost ($44.4m), prepaid forward share repurchase ($73.7m), general corporate purposes and working capital
Other financing outstanding (excl. this instrument)
Initial public offering ($231.5M), NYDIG equipment financing facility (SPV 3) ($71.0M), B. Riley equity purchase facility ($100.0M), 3.50% Convertible senior notes due 2029 ($550.0M), Prepaid forward share repurchase ($92.5M), GPU lease financing (4.2k Blackwell B200 GPUs) ($102.0M), GPU lease financing (GB300 GPUs) ($96.0M), Capped call transactions, Convertible senior notes due 2031 ($1.00B), Equity offering ($1.63B), Capped call transactions (2032/2033), 1.00% Convertible senior notes due 2033 ($1.30B), 0.25% Convertible senior notes due 2032 ($1.00B), At-the-market equity facility (expanded to $6B) ($6.00B), NVIDIA share purchase right, 1.00% Convertible senior notes due 2033 ($3.00B), Capped call transactions, 5.96% Senior secured notes due 2031 (IE US Hardware 3 LLC) ($2.10B), Delayed draw term loan facility (IE US Hardware 3 LLC) ($1.50B), GPU financing led by Blue Owl and PIMCO (Mackenzie air-cooled expansion) ($2.40B)
— of which existing debt
$21.18B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
n/a
Related acquisition
none
Related deal
none
Related site
none
Sources
ProposedIREN announces proposed $300 million convertible notes offering
Dec 3, 2024ClosedIREN closes upsized $440 million convertible notes offering
Dec 6, 2024