Bitcoin miner IREN (IREN) completed a refinancing that included a $2.3 billion issuance of convertible senior notes and a $544.3 million repurchase of existing convertible notes.
The new debt issuance includes $1 billion of 0.25% notes due 2032, $1 billion of 1% notes due 2033, and a fully exercised $300 million green shoe to meet excess demand.
IREN also executed a capped call transaction designed to hedge any share dilution upon conversion of the notes, providing initial protection of up to $82.24 per share. The notes do not include any investor put rights other than standard terms related to changes in fundamentals, the announcement said.
The repurchase includes US$316 million of 3.50% notes due in 2029, with a conversion price of US$13.64; and US$227.7 million of 3.25% notes due in 2030, with a conversion price of US$16.81. The repurchase was funded through a registered direct placement of approximately 39.7 million ordinary shares.
The combined transaction generated net proceeds of approximately $2.27 billion, reduced IREN’s average annual cash coupon burden and extended the maturity of its convertible debt.
After paying capped call costs and buybacks, IREN plans to use remaining proceeds for general corporate purposes and working capital to support the continued expansion of its Bitcoin mining and data center operations.
IREN fell 1% in premarket trading to $45 a share, about 40% below its all-time high in November.
