Bitcoin mining company IREN completes $2.3 billion convertible senior note issuance

Bitcoin mining company IREN (IREN) has completed a refinancing transaction, which includes the issuance of $2.3 billion in convertible preferred notes and the repurchase of $544.3 million in existing convertible bonds.

The newly issued bonds include: $1 billion in notes with a coupon rate of 0.25%, maturing in 2032; $1 billion in notes with a coupon rate of 1%, maturing in 2033; and $300 million in overallotment fully exercised to meet additional demand. Additionally, IREN executed a capped call transaction to hedge against potential equity dilution from the bond conversion, providing protection at an initial price of $82.24 per share. The announcement stated that, aside from standard terms related to significant changes, the notes do not contain any investor put rights.