Stock Track | IREN Ltd Soars 5.01% Intraday After Pricing $2 Billion Convertible Notes and $1.63 Billion Share Offering

Stock Track12-04 01:16

IREN Ltd (IREN) surged 5.01% during Wednesday's intraday trading session following the company's announcement of a $2 billion convertible notes offering and a $1.63 billion share offering to repurchase existing convertible notes.

The Australia-based AI cloud service provider priced $1 billion in 0.25% convertible senior notes due 2032 and $1 billion in 1.00% convertible senior notes due 2033. Concurrently, IREN priced a registered direct offering of 39.7 million ordinary shares at $41.12 per share to fund the repurchase of existing convertible notes. The company plans to use the proceeds to reduce debt and for general corporate purposes.

This refinancing move is viewed positively by investors, as it strengthens IREN's balance sheet and supports its growth strategy in the AI cloud services sector. The stock's surge reflects market optimism about the company's financial restructuring and future prospects.

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