IREN (IREN), a bitcoin miner, completed a refinancing that combined a $2.3 billion convertible senior note offering with a $544.3 million repurchase of existing convertible notes.
The new issuance includes $1 billion of 0.25% notes due 2032, $1 billion of 1% notes due 2033 and a fully exercised $300 million greenshoe to meet excess demand.
IREN also executed capped-call transactions intended to hedge any equity dilution should the bonds be converted, providing protection up to an initial $82.24 per share. stock. The notes include no investor put rights except for a default provision related to fundamental changes, according to the announcement.
The repurchase included $316 million of 3.50% notes due 2029 with a $13.64 conversion price and $227.7 million of 3.25% notes due 2030 with a $16.81 conversion price. The buyback was financed through a registered direct placement of approx. 39.7 million ordinary shares.
The combined transactions generated approximately $2.27 billion in net proceeds, reduced IREN’s average annual cash coupon burden and extended the maturity profile of its convertible debt.
After covering limited call costs and the buyback, IREN plans to use the remaining proceeds for general corporate purposes and working capital, supporting the continued expansion of its bitcoin mining and data center operations.
IREN fell 1% in premarket trading to $45 a share. stock, about 40% below its November high.
