Back

IREN Prices $875 Million Zero-Coupon Convertible Preferred Notes Due 2031

Nasdaq-listed Bitcoin miner allocates proceeds to capped call option transactions and general corporate purposes.

BTC

Summary

IREN has priced $875 million in zero-coupon convertible preferred notes maturing in 2031, with an option for purchasers to buy an additional $125 million within 13 days. Estimated net proceeds total $856.5 million, rising to $979 million if the option is fully exercised. Approximately $49.6 million will be used for capped call option transactions, with the remainder directed toward general corporate purposes and working capital.

Terms & Concepts
  • Zero-Coupon Convertible Preferred Notes: Debt securities that pay no interest but can be converted into a predetermined number of the issuer’s preferred shares.
  • Capped Call Option: A derivative transaction that allows issuers to limit dilution from convertible securities by setting a maximum value at which conversion occurs.
  • Convertible Securities: Financial instruments, such as bonds or notes, that can be converted into equity, typically at predefined terms.